Biden’s tax plan could create a tax rate of as much 62% for New Yorkers and Californians, studies show

High earners in New York and California could face combined federal and state tax rates of 62% under Democratic presidential nominee Joe Biden’s tax plan, according to experts.

While Americans earning less than $400,000 would, on average, receive tax cuts under Biden’s plan, the highest earners would face double-digit increases in their official tax rates, according to nonpartisan analyses. In California, New Jersey and New York City, taxpayers earning more than $400,000 a year could face combined state and local statutory income tax rates of more than 60%.