Friday, October 7, 2022

California Quietly Raises State Income Tax Rate to 14.4% | TaxBuzz | NewsBreak Original

Last week, Governor Gavin Newsom signed legislation that implements the change. In a recent op-ed, a Wall Street Journal writer noted:

...in 2024 California’s top marginal tax rate will increase to 14.4% from 13.3% for workers making more than $1 million. Those making between $61,214 and $312,686 would pay 10.4%. So California’s upper-middle class will pay more than millionaires in almost every state save New York, New Jersey and Hawaii.

The bill -- SB 951 -- is primarily designed to fund an expansion of the Golden State's paid family leave benefit. It removes the existing $145,600 wage cap on the state’s 1.1% employee payroll tax.

via original.newsbreak.com

Ugh.

https://rightcoast.typepad.com/rightcoast/2022/10/california-quietly-raises-state-income-tax-rate-to-144-taxbuzz-newsbreak-original.html

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Comments

"California’s upper-middle class will pay more than millionaires in almost every state"

Are people now using "millionaire" to mean people who earn a million dollars a year?

Posted by: dearieme | Oct 7, 2022 2:59:06 PM