3) Charitable donations are not deductible unless you itemize, which with the higher standard deduction is expected to shrink from 30% of filers today to as low as 10% under the new law.
“Charitable donations are not deductible unless you itemize, which with the higher standard deduction is expected to shrink from 30% of filers today to as low as 10% under the new law.”
It’s that 10% that pays most of the income tax in CA.
This is meant to protect all the millionaires and billionaires in silicon Valley and Hollywood not the farm workers in Fresno. CA doesn’t want them exiting the state and moving to low or no state tax states.
It’s for the rich!