2 % of income tax amount is surcharged if the income is higher than Rs 1, 00, 00,000. (policybazaar.com)
This is a HUGE negative for residents in coastal cities like New York and San Francisco where property tax alone can be $ 18,000 a year based on the median home price of $ 1.5 M. Further, a taxable income of over $ 400,000 means a state income tax amount of over $ 26,000. (financialsamurai.com)
If in this case the full amount of the distribution is taxable, the additional tax (not including the regular income tax amount on the distribution at your tax rate) would equal $ 3,975. (hrblock.com)