Posted on 04/17/2018 8:17:02 PM PDT by BenLurkin
President Donald Trump’s tax cuts will be anything but for about 1 million California taxpayers who will owe Uncle Sam more money a year from now.
They’re the Californians who will lose a collective $12 billion because the new law caps a deduction they have been able to take for paying their state and local taxes, according to a new analysis by the Franchise Tax Board.
Very wealthy Californians earning more than $1 million a year will pay the lion’s share of that money, with 43,000 of them paying a combined $9 billion.
...
Overall, most Californians should see a tax cut. The new federal law doubles the standard deduction available to all taxpayers, and it increases a child tax credit. It also slashes corporate tax rates.
(Excerpt) Read more at sacbee.com ...
Couldn’t happen to a better group.
We are so happy to pay for the criminals, illegals, and homeless drug dealers. It’s our pleasure.
Yup.
Just like we tried to point out.
Exactly. Now Californians will have an incentive to curb the fiscal insanity in their own state.
I thought they wanted higher taxes.
That is what CA told us when GWB was President.
Why, you make it sounds as though those groups are not enriching the state! I mean, Progressives keep telling me that such folk are culturally enriching, and a benefit to the community.
They've been crying about the "rich" not paying their fair share for as long as I can remember, so they should be doing a happy dance.
The libs in California aren’t going to learn anything. They are to far gone. They thought and still think The X Files was a documentary.
Why, yes! My neighborhood is culturally enriched by the little drug needles they leave in the bushes. Also I am so proud of our taxpayer dollars going to the hazmat teams who come in the trucks in the early AM to clean up the human feces under the freeways! Sewer systems are so 20th century.
Lots of ignorance here. california actually contributes billions more than it takes from the Federal treasury. The freeloader states are mostly in the deep south. If California seceded tomorrow it would have more than enough to educate every illegal and fund 100% of Jerry “flush it” Brown’s train to nowhere.
The article is poorly written and conveniently omits the fact that many millions received a tax cut because the Trump tax plan eliminated AMT for many upper middle CA taxpayers. That part will save me somewhere between $5-10k this year. Most of these taxpayers never got the full benefit of the state tax deduction due to AMT. But that doesn’t fit the liberal agenda.
Couldn’t happen to a nicer state.
Jersey and New York will take big hits too. Jersey in particular.
That’s right, and a Republican did it for them! Fantastic!
If you’re paying a 172% tax rate, you could probably use a cut.
No big deal...it simply means the National federal taxpayers will only subsidize Folks for only up to $10,000 of their state & local taxes. That’s reasonable to me when combined with the reductions in their federal tax rates.
1 million people each paying 12 billion would solve the debt problem.
Fitting for a state marinated in the collectivist/socialist/communist tradition of from each according to his abilities to each according to his needs - if you can earn lots, contribute lots......
I am a CA resident. Deducted $13.5k in state and local taxes for this last year. If I can only deduct $10k next year, it would obviously mean about $3.5k more in taxable income. What that finally means under the new rates, however, remains to be seen.
The obvious solution of course, would be for CA to lower taxes.
(but then how will all the illegals get housed, fed, jailed, and schooled?)
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