Category: Taxes

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California. Economy Links from other news sources. Taxes

Are you overtaxed living in California?

Bye Bye blue states.

Are you overtaxed living in California?

Whether or not someone feels “overtaxed” in California is subjective and depends on individual circumstances and perspectives
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However, some data and observations about California’s tax system that could contribute to this feeling include:
High Income Tax Rates:

California has the highest marginal income tax rate in the nation, topping out at 13.3% on income over $1 million.
Even for lower earners, the progressive tax system means a portion of their income is subject to rates as high as 12.3%.
Some sources suggest that California’s income tax burden is higher than the average of both all other states and other western and industrial states.

Sales Tax:

California has a base sales tax rate of 7.25%, which is the highest in the country, and the combined state and local sales tax can reach as high as 11.25% in some cities.
The average combined state and local sales tax rate is 8.85%, which is the eighth highest in the nation.

Cost of Living:

California’s overall cost of living is significantly higher than the national average, especially regarding housing, which is more than twice as expensive.
This high cost of living, coupled with high taxes, could contribute to the feeling of being overtaxed, even for those who do not fall into the highest income brackets.

Public Opinion:

According to a Public Policy Institute of California survey, 71% of adults in California think the state and local tax burden per capita is high compared to other states, and 7 out of 10 residents feel they are paying more than they should in state and local taxes.

Counterarguments/Context:

While income taxes are high, California’s property tax rates are lower than the national average.
The progressive income tax system means that those with lower incomes pay a lower tax rate than they might in a flat tax state.
Some sources argue that California’s higher income tax burden is offset by a lower combined burden for other taxes.
The revenue generated through taxes funds various state services, including public welfare and education

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Some great Trump executive orders. Including one involving 51 Traitors.

President Donald Trump signs executive orders on stage at an indoor Presidential Inauguration parade event in Washington, Monday, Jan. 20, 2025. (AP Photo/Mark Schiefelbein)

Some great Trump executive orders. Including one involving 51 Traitors.

President Trump yesterday signed 200 executive orders and in those 200 were the J6 pardons and the revoking of security clearance of 51 former intel officers.

The letter came after the New York Post reported they had emails showing Hunter Biden coordinated for Joe Biden to meet with a top executive at Ukrainian energy company Burisma months before pressuring Ukrainian officials to oust a prosecutor investigating the company.

Other executive orders Trump signed on day one include rescinding nearly 80 executive orders and memoranda issued under Biden, issuing a regulatory and hiring freeze upon the federal government, preventing “government censorship” of free speech, and directing every department and agency to address the cost-of-living crisis.

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Commentary Economy Links from other news sources. Opinion Politics Taxes The Border Trump

Pass few bills, but put a lot in them.

Former U.S. President Donald Trump, with lawyers Christopher Kise and Alina Habba, attends the closing arguments in the Trump Organization civil fraud trial at New York State Supreme Court in the Manhattan borough of New York, Thursday, Jan. 11, 2024. (Shannon Stapleton/Pool Photo via AP)

Pass few bills but put a lot in them.

The House needs to combine numerous items in one large reconciliation bill. Some in Trumps inner circle want several, but Speaker Johnson has stated that the President wants one large bill.

That bill will cover border security, energy, and an extension of Trump’s 2017 tax law.

Reconciliation allows Congress to pass party-line policies on taxes and spending with simple majority votes, bypassing the Senate’s standard 60-vote requirement for legislation. Marshaling Trump’s policies into one bill would allow the incoming administration to advance their agenda.

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Biden Biden Cartel Commentary Corruption Government Overreach Taxes

Joe and Kamala want the rich to pay their fair share. But they don’t.

Crime is way up. © Provided by CNBC

Joe and Kamala want the rich to pay their fair share. But they don’t. Both pay less than what Joe wants the new rate to be. Now Joe paid around 23% and Kamala paid around 19% The new rate Joe wants?

Those making more than $400,000 a year would see their top tax rate on their income tax go up, from 37 percent to 39.6 percent. So the two didn’t even pay the 37%, so why raise it to 39?

Also Biden and Kamala paid 20% Capital gains tax. So will they pay the 39%?

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Taxes

IF I had one bill, one page, Tax the undocumented at 50%. Page 3.

FILE - A sign outside the Internal Revenue Service building is seen on May 4, 2021, in Washington. A former contractor for the Internal Revenue Service has been charged with leaking tax information to news outlets about a government official and thousands of the country’s wealthiest people. The Justice Department said in a statement Friday, Sept. 29, 2023, that 38-year-old Charles Edward Littlejohn of Washington, D.C. is accused of stealing tax return information and giving it to two different news outlets between 2018 and 2020. (AP Photo/Patrick Semansky, File)

IF I had one bill, one page, Tax the undocumented at 50%. Page 3. Here we go. I’m your congressman who has the power to pass one bill one page. Taxing the undocumented.

You have folks sending billions back to their homeland. Money earned here, but not spent here. So all those who are without greencards, you tax an additional 50%. That way they are spending some of their earnings to go towards the social services we provide to them.

They come here making more money in one year than they would in 10. Also being that you have companies willing to hire them, you can also penalize them for each undocumented person on the payroll.

 

 

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Biden Commentary Lies Links from other news sources. Taxes

The man just can’t stop Lying. Rich do pay taxes.

Joe doing what he does best. Geller Report-WP

The man just can’t stop Lying. Rich do pay taxes. Joe again told the same lie that he told 30 times now. The Rich only pay 8.5% Federal Tax Rate. And he was given Pinocchio’s for the 30th time. A review.

“Look, folks, you know how many billionaires we have in America today? One thousand. You know what their average rate — tax rate — federal tax rate is? Federal tax rate is 8.5 percent. Raise your hand if you’d trade your tax rate for 8.5 percent. I’m serious. Think about this. There’d be $40 billion raised if they even pay 25 percent.”

But if you check Treasury Department calculations for what the richest Americans already pay in taxes, you would see that the richest 1 percent pay in excess of 20 percent in income taxes and more than 30 percent in all federal taxes. Even if you drill down to the top 400 wealthiest taxpayers — data that was publicly available on an annual basis until President Donald Trump killed the report — they paid an effective tax rate of 23.1 percent in 2014. These taxpayers — with $127 billion of income — that year paid $29.4 billion in income taxes, or more than 2 percent of all income taxes, the IRS said. That’s more than the bottom 70 percent of taxpayers combined.