Trump's tax cut not for everyone: 1 million Californians will owe $12 billion more next year

Sacramento Bee ^

[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.

[VanShuyten]

Does that cover the EITC given to illegals there?

[dsc]

Come on; when was the last time the Sacbee told the truth?

[Sgt_Schultze]

Sounds like Trump will lose California in 2020

[aquila48]

“Tax cuts except for those who want to pay more taxes!”

On top of that list I would put Buffet. I sure hope he gets a nice soaking.

[lepton]

Lots of ignorance here. california actually contributes billions more than it takes from the Federal treasury.

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That is correct, however the rest of the country does indeed pay for California’s government.

[lepton]

1 million people each paying 12 billion would solve the debt problem.

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For a while...

[aquila48]

It’s enjoyable to realize that Pelosi and Feinstein will be among them.

[D Rider]

Finally paying their FAIR SHARE. Isn’t that what the Dims always wanted?

[GOPJ]

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.

California liberal 'elites' have to pay MORE taxes? YES! It's another figgin' WIN!!!!! Not tired of winning yet!

[EnglishOnly]

Sounds good, let the California Liberals fund the Border Wall.

[Nifster]

Ah well

[OrangeHoof]

It’s called putting the screws to Hollywood. I love it.

[tom h]

That’s what happens when your state votes by a 4 million margin for the loser. Maybe next time you won’t make that mistake again.

[jmacusa]

Liberals. Always getting what they wish for.

[FLT-bird]

Sucks to live in a state that taxes the bejeezus out of you. There is no reason for the rest of the country to pay for YOUR state government’s profligate spending and excessive taxes though. If you don’t like it, either vote the bums out, or move to another state that doesn’t dig its grubby paws into your wallet nearly as deeply.

[poinq]

Oh, Connecticut, New Jersey, Massachusetts, Illinois are all going down. People in those states than own a home worth more than half a million and make over $100,000 are going to owe a huge amount in federal taxes.

[jazminerose]

Wait. Would that be those e-vile rich people that Trump was trying to protect with his tax cuts?

[octex]

But, but... Haven’t the Dems been shouting that the tax bill only benefits the upper income folks?

[CIB-173RDABN]

12 Billion more to the treasury and all from California..

What is the down side? They are going to vote DEMOCRAT?

[SkyPilot]

Yup. Just like we tried to point out.

We sure did. And not just in California either, millions of Americans will pay more in taxes, and not all of us "millionaires." I was only able to somewhat soften the blow this tax year by pre-paying some property taxes and taking some other actions before January 1st - all of which are now closed and illegal in the current tax law.

And also as we tried to warn people, the individual tax cuts are not permanent - only their corporate cuts.

Most times, the sentiment of this board is grounded, sane, and even prophetic. In regards to the Tax Bill, the issue became one of those that no matter how many facts we raised, it didn't matter. We were shouted down by those who pounded the table louder.

The bill cared about slashing the corporate rate by a massive amount (35% to 21%), and that was its focus (not individuals). The estate tax, alternate minimum tax, and reduction in the top rates were aimed at the very wealthy. If you are middle or upper middle income from a high tax state, you were screwed.