Hawaii, New York top earners face highest tax under Obama plan, study says

High-income residents of Hawaii and New York City would have the highest marginal tax rates in the United States if Congress adopts the president’s proposal to increase taxes for top earners, a study found. The Tax Foundation, a Washington research group that advocates for lower taxes, said state, local, and federal levies would result in a top 49.7 percent rate on high income Hawaii residents; a top 50.8 percent rate for New York City. Bloomberg.com reports.