Taxpayers in California, New Jersey and New York who earn more than $400k a year could face combined state and local income tax rates of more than 60% under a Joe Biden presidency. Tax payers would be unlikely to pay the full rate after various deductions, credits, offsets and loopholes worked through by accountants. There is currently a $10,000 cap on state and local tax deductions which Democrats could push to remove should they win the senate. Biden would also raise taxes on corporations by raising the corporate income tax rate and imposing a corporate minimum book tax. The Biden tax plan by 2030 would lead to about 6.5 percent less after-tax income for the top 1 percent of taxpayers and about a 1.7 percent decline for all.