One-two punch for top earners

High-income New Yorkers will face a double whammy from both state and federal tax collectors if President Biden and Albany Democrats get their way.

A combination of new state income tax brackets and higher rates would put households taking in $2 million-plus annually on the hook for tax bills totaling more than half of their income, experts said.

“It’ll be the straw that broke the camel’s back,” state Sen. Andrew Lanza (R-SI) told The Post. “It’s an increase on people who are already paying more than taxpayers anywhere else — and getting less in return.”

The $7 billion in new taxes proposed last week in the state Senate’s budget includes an almost 12 percent rate hike, from 8.82 percent to 9.85 percent, on incomes over $1 million.

The Democrats’ tax plan would also add state tax brackets of 10.85 percent on $5 million incomes and 11.85 percent on those earning $25 million or more.

Meanwhile, Biden’s plan to boost the top federal income tax rate — from 37 percent to 39.6 percent for couples earning more than $400,000 a year — would inflate the tax burden of at least 443,000 New York state households.

Add in New York City’s 3.876 percent income tax, and singles with $1 million incomes will see top tax rates of 53.3 percent, with $5 million earners in the city hit by 54.3 percent rates.

Thanks to the marginal tax system, only the wealthiest would actually shell out that big a chunk of their incomes.

The government charges a lower rate on earnings up to a threshold — in New York state, for example, it’s 4 percent on the first $17,150 — and progressively higher rates on amounts earned in the bigger brackets.

Still, those taking home $25 million or more could end up owing 55 percent of their income to federal, state and city tax collectors.

And since New York’s top 1 percent generates 44 percent of the state’s tax revenue — with each $10 million-plus earner kicking in an average of $1.2 million to state and city coffers — a tax hike could mean a big economic risk.