Opinion California - Another 1.1% Income Tax increase for the Middle Class in 2024

[Scerpi]

Merry Xmas Cali



Due to several reasons we all know about, California is seeing a massive decrease in Tax Revenue and to stem that massive hemorrhage, Cali is raising taxes yet again.

California’s budget deficit could hit record next year​

California's budget deficit could hit record next year

The Legislative Analyst’s Office predicts a $68 billion California budget deficit — which could mean spending cuts and drawing down reserves.

calmatters.org

If you thought California’s $30 billion-plus budget deficit for 2023-24 was bad, the projection for 2024-25 from the state’s Legislative Analyst’s Office paints an even bleaker picture.

In its fiscal report published Thursday, the nonpartisan office found that the state faces a $68 billion budget deficit, explains CalMatters’ Capitol reporter Alexei Koseff. The second straight deficit follows two years of record budget surpluses, fueled by federal COVID relief, but also by California’s volatile income tax system that relies heavily on wealthy people.

Yeah... Don't fix budget issues, just continue to raise taxes. Businesses and people are already fleeing.... just keep giving them reasons leave, as if the massive crime and homeless issues aren't reason enough.



Can't believe they keep voting these clowns in

 

[Whippy McGee]

<--- Native Californian.

Fuuuuuuuuuuuuuuuuccccccckkkkkkk.

We are on schedule to run massive budget deficits for the next 6 years due to Democratic Party management... and some of you want Gavin Newsom for President?

 

[avenue94]

Got to love the intellectual dishonesty of pretending that someone making $150K to $300K is middle class. I don't think these people understand what median income is.

 

[Broke Lester]

Got to love the intellectual dishonesty of pretending that someone making $150K to $300K is middle class. I don't think these people understand what median income is.

Maybe 150-300K isn't too much money in Cali, don't know. But what does that matter, the point is the increase in taxes.

 

[Super_Nintendo]

and they'll vote for him....

 

[avenue94]

Maybe 150-300K isn't too much money in Cali, don't know. But what does that matter, the point is the increase in taxes.

Sure, we can argue people under 100K shouldn't be taxed more. But the base issue here is people just tossing around "middle class" as a political buzzword with no defitinion of it. IT's like the mythical "small business." Both of those terms have essentially been used as a political football to the point they include massive amounts of upper class and not really small business owners.

But to the point here: What's your definition of middle class in California?

 

[nostradumbass]

Got to love the intellectual dishonesty of pretending that someone making $150K to $300K is middle class. I don't think these people understand what median income is.

It said 61-300k, certainly covers middle incomes in California, and even raises taxes on people who qualify as low income.

https://ktla.com/news/local-news/angelenos-who-make-70650-a-year-are-considered-low-income-statewide-report-says/

If you are a single person in Los Angeles making around $70,000 a year, you are still considered low-income, according to a new statewide study.
fewer than 1 in 5 homebuyers in California - around 16% - can afford to buy a median-priced existing single-family home in the Golden State, according to new data released by the California Association of Realtors.


The study found a median-priced home in California was estimated at $830,620.

According to the data, a minimum income of $208,000 was needed to qualify to purchase a median-priced home.

If you qualify for the mortgage, monthly payments would estimate around $5,200 if you put 20% down and qualified for an interest rate of around 6.6%.

 

[avenue94]

It said 61-300k, certainly covers middle incomes in California, and even raises taxes on people who qualify as low income.

What is the income range for middle class in California, based on individuals?

The study found a median-priced home in California was estimated at $830,620.

Housing prices and income are mostly unrelated problems with different causes. Median housing price is not a measure of income tier or class.

 

[cincymma79]

What is the income range for middle class in California, based on individuals?

Housing prices and income are mostly unrelated problems with different causes. Median housing price is not a measure of income tier or class.

Average is a tad over 100 for a family

 

[avenue94]

Average is a tad over 100 for a family

You don't use average income for calculating class because of skewing. This is basic stats. You should be using median income. Median individual income in California is under 40K, with household median under $80K.

A household with over $100K income is in the top 40 percentile of earners, so right at about $100K a household will fall in middle class (aka the middle third). But the majority of the 100K+ earners are absolutely not middle class unless we really stretch the bounds of the term.

 

[chardog]

2008 Democrats: if you make over 250K, you're rich

2023 Democrats: if you make over 60K, you're rich

2028 Democrats: if you have an income, you're rich

 

[William Munny]

and they'll vote for him....

or flee California, and then vote for the same shit the fled from.

idiots.

 

[ShadowRun]

or flee California, and then vote for the same shit the fled from.

idiots.

Yep turned AZ blue

 

[Spounman]

Gavin just does whatever his daddy Xi tells him to do. What middle class? People are already desperate and criminals continue to run rampant. My neighbor had his work van broken into, and all of his tools stolen on Saturday overnight. Cops wouldn't even respond unless he had camera footage, told him to file a report online. And over the weekend a security guard at a 711 was murdered. What kind of society is this if you need armed security at 711. This state has gone to hell thanks to libs.

 

[Scerpi]

You don't use average income for calculating class because of skewing. This is basic stats. You should be using median income. Median individual income in California is under 40K, with household median under $80K.

A household with over $100K income is in the top 40 percentile of earners, so right at about $100K a household will fall in middle class (aka the middle third). But the majority of the 100K+ earners are absolutely not middle class unless we really stretch the bounds of the term.

Lol… Are you arguing for more taxes?

What’s the average home price in California again?

 

[MMAisGod]

You don't use average income for calculating class because of skewing. This is basic stats. You should be using median income. Median individual income in California is under 40K, with household median under $80K.

A household with over $100K income is in the top 40 percentile of earners, so right at about $100K a household will fall in middle class (aka the middle third). But the majority of the 100K+ earners are absolutely not middle class unless we really stretch the bounds of the term.

Not sure about those numbers, especially "median income is under $80k". Just a quick googling shows $91.9k as recently as last year.

https://www.census.gov/quickfacts/fact/table/CA/BZA210221

$100k sounds pretty middle class for the state. Disagree that's where taxes should be raised.

 

[Blayt7hh]

Good to hear. For a while there I was worried they might start taxing the ultra wealthy. Glad to see all that Bernie nonsense has been squashed and we can get back to destroying the class that made our country great

 

[lilelvis]

Hey, if we all get on board we could retire and just live off of that endless supply of gubment scrilla..
what could possibly go wrong with that?

 

[MT7]

Merry Xmas Cali



Due to several reasons we all know about, California is seeing a massive decrease in Tax Revenue and to stem that massive hemorrhage, Cali is raising taxes yet again.

California’s budget deficit could hit record next year​

California's budget deficit could hit record next year

The Legislative Analyst’s Office predicts a $68 billion California budget deficit — which could mean spending cuts and drawing down reserves.

calmatters.org

If you thought California’s $30 billion-plus budget deficit for 2023-24 was bad, the projection for 2024-25 from the state’s Legislative Analyst’s Office paints an even bleaker picture.

In its fiscal report published Thursday, the nonpartisan office found that the state faces a $68 billion budget deficit, explains CalMatters’ Capitol reporter Alexei Koseff. The second straight deficit follows two years of record budget surpluses, fueled by federal COVID relief, but also by California’s volatile income tax system that relies heavily on wealthy people.

Yeah... Don't fix budget issues, just continue to raise taxes. Businesses and people are already fleeing.... just keep giving them reasons leave, as if the massive crime and homeless issues aren't reason enough.



Can't believe they keep voting these clowns in

WTF!? 60k a year is poverty level out here. Goddamnit, they really want to squeeze every last breath out of us...

 

[ShadowRun]

Lol… Are you arguing for more taxes?

What’s the average home price in California again?

Taxes need to be raised it's the only way the planet can be saved.

I got offered a position north LA for 190K in 2021 I told them it would need to be over 200K so I can live comfortably in Cali. I still want to live in San Deigo even though I am not a fan of the politics. Maybe one day