patrick.net

I saved $7 grand in California tax the first year I left.

This figure is going way up when I finally start to spend my IRAs.

KommieKunt tax graft onwards and upwards. Gotta pay for the illegals' benefits while disenfranchising citizens.

clambo says

I saved $7 grand in California tax the first year I left.

This figure is going way up when I finally start to spend my IRAs.

Really cool if those are Roth IRAs. No taxes at all.

Given the massive inflation under the unelected Bidet administration, this means that taxes are going up in two ways:

1. Newsom's direct income tax increases
2. the shift of the same level of real income into a higher nominal tax bracket because of inflation

Yes, but look at everything you get for it. -- Giggles to self

I believe the Trump tax cuts expire in 2025?

That means full SALT deduction returns. Which means federal income taxpayers outside of California subsidize this.

UkraineIsFucked says

I believe the Trump tax cuts expire in 2025?

That means full SALT deduction returns. Which means federal income taxpayers outside of California subsidize this.

Most people that got hit by the SALT reduction were already being hit with the AMT, which went away as part of the package. SALT deduction returns, but so does the AMT.

These tax increases only affect a small percentage of people in California. Most are on social service programs. They will not pay any tax but get thousands in dollars back apiece when they file. I know several ladies who paid no tax all year but claimed they baby sat, received benefits and free rent from the programs all year and got back close to 10k each when they filed. And there are M A N Y more of them in CA.

Unfortunately my IRAs aren't all Roth and I have other regular accounts with capital gains, oh well.

casandra says

These tax increases only affect a small percentage of people in California. Most are on social service programs. They will not pay any tax but get thousands in dollars back apiece when they file. I know several ladies who paid no tax all year but claimed they baby sat, received benefits and free rent from the programs all year and got back close to 10k each when they filed. And there are M A N Y more of them in CA.

So they didn’t actually get “back” 10k, they were gifted 10k by the benevolent Guvermint that took it from actual taxpayers. Saying that the increases only affect a small amount of people is disingenuous, as if you make any money (reported “income”) at all the tax rate went up a minimum .1%.

Yep, even the "middle class" pay 10.23% state tax rate in California.

California needs as much tax revenue it can get as it has a $68 billion deficit.

https://fortune.com/2024/01/03/california-68-billion-budget-deficit-gavin-newsom-ai-hollywood/

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