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

[Darkgsp]

Depending on number of kids, maybe elderly parents that are dep

Here are five different people breaking down what they are living on in LA might be worth checking out since related to thread topic mostly

 

[avenue94]

It's impressive that you think 1.1% of 70K is $3 and are still alive.

Dear god, you are appalling ignorant of how tax brackets and taxation in most developed countries work. A tax rate only applies to income earned in it. If you increase the tax rate by 1.1% at 67K, it does not apply to those 66,999 dollars earned before that.

70K - 67K =3K multiplied by 0.011. That's a tax bill of $33, with me butterfingering and writing $3 as a typo earlier.

 

[Broke Lester]

Dear god, you are appalling ignorant of how tax brackets and taxation in most developed countries work. A tax rate only applies to income earned in it. If you increase the tax rate by 1.1% at 67K, it does not apply to those 66,999 dollars earned before that.

70K - 67K =3K multiplied by 0.011. That's a tax bill of $33, with me butterfingering and writing $3 as a typo earlier.

Ok then that does actually change things considerably, I was under the impression the increase was on the entire amount.

 

[avenue94]

Ok then that does actually change things considerably, I was under the impression the increase was on the entire amount.

That's not how income tax has worked in nearly every developed country for most of the past century. There's a reason that people talk about tax brackets. Here's California's before the last update.

 

[William Munny]

a buddy of mine moved to Idaho ffs to escape this Cali shit anndd...
former Cali residents are up there already doing the same shit.
smh, madness

it's like a disease.

 

[Prefect]

Everyone keeps calling for the death of California but its economy keeps growing. Figure that out.

 

[TardStrong]

That is for single filers.

Married filing jointly dont pay 9.3% until after $136k. If that tweet is true I couldn't find anything to back it up

California Blue Collar Crew checking in. l wont leave Ca. I hate the politics but the weather and beauty are unmatched

The big city areas I dislike but the Sierra and Norhtern Ca are delightful. I'm going to retire to the Sierra

 

[Yorick]

agreed, the economy is respectable but Newsom and the loony leftists running the state seem determined to bankrupt it.
for a guy to be considered a POTUS possibility who took a post covid $5 billion surplus and in 18 months turn it into a $60 billion deficit
is beyond logic.

 

[Yorick]

I hate the politics but the weather is beauty and unmatched

You earned one Tardcoin.

 

[TardStrong]

View attachment 1016706
You earned one Tardcoin.

Thanks I should have read that prior to posting

 

[avenue94]

agreed, the economy is respectable but Newsom and the loony leftists running the state seem determined to bankrupt it.
for a guy to be considered a POTUS possibility who took a post covid $5 billion surplus and in 18 months turn it into a $60 billion deficit
is beyond logic.

Do you understand why California's tax revenue varies so heavily or why there was a surplus right after Covid?

 

[blackheart]

Oh no, the wealthiest state in the country is going to raise public revenue and be even more financially solvent and prosperous than it was before...the horror...

You should be grateful. It's California's economic success that picks up the slack and pays for failure red states like yours

 

[Darkgsp]

Oh no, the wealthiest state in the country is going to raise public revenue and be even more financially solvent and prosperous than it was before...the horror...

You should be grateful. It's California's economic success that picks up the slack and pays for failure red states like your

Oh no, the wealthiest state in the country is going to raise public revenue and be even more financially solvent and prosperous than it was before...the horror...

You should be grateful. It's California's economic success that picks up the slack and pays for failure red states like yours

How accurate do you reckon these states are ?

Top states by GDP per capita
DC
$240,531
New York
$105,309
Massachusetts
$98,705
North Dakota
$93,861
Washington
$92,648
California
$92,459
Connecticut
$88,686
Alaska
$86,793
Delaware
$84,812
Illinois
$82,813

Bottom states by GDP per capita
South Carolina
$55,078
Idaho
$55,501
Montana
$57,055
Kentucky
$57,614
New Mexico
$57,874
Oklahoma
$59,415
Maine
$60,639
Florida
$61,296
Arizona
$61,575
Louisiana
Source:https://worldpopulationreview.com/state-rankings/richest-states-in-usa

Interesting

 

[Corona]

Goatsom 2024 imo

 

[Whippy McGee]

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

San Diego is a great town. I went to school in La Jolla and spent a lot of time in PB. My baby sister lives in OB. The best view in all of San Diego is Mt. Soledad. I proposed to my wife there. If you haven't driven up there... it's easy and breath taking on the right days.

 

[blackheart]

How accurate do you reckon these states are ?

Top states by GDP per capita
DC
$240,531
New York
$105,309
Massachusetts
$98,705
North Dakota
$93,861
Washington
$92,648
California
$92,459
Connecticut
$88,686
Alaska
$86,793
Delaware
$84,812
Illinois
$82,813

Bottom states by GDP per capita
South Carolina
$55,078
Idaho
$55,501
Montana
$57,055
Kentucky
$57,614
New Mexico
$57,874
Oklahoma
$59,415
Maine
$60,639
Florida
$61,296
Arizona
$61,575
Louisiana
Source:https://worldpopulationreview.com/state-rankings/richest-states-in-usa

Interesting

Luxembourg must be the most powerful economy on earth then.

 

[PoundForPound]

Been in CA for the past 1.5 years and I am counting the time to get back to TX.

Yeah, nature and weather is great here, but the crime, high prices, and homelessness ruin it all. Also, San Diego has some of the most mediocre food.

 

[BIKES!]

If you don't understand why you do not use averages for income calculations, you really should take a basic stats class. Use median income, and that's household, not individual.

I don't think you understand how tax brackets work. I've explained already that that tax increase will impact some "middle class" Californians, but most that range is in the top 10 15 percentile of income in California. Are you trying to tell me that someone in the 90th percentile of income is middle class?

Nah that dent in tax revenue is because California's tax base is disproportionately tied to stock market performance and very high earners. That's not to say that how California generates tax revenue can't be improved, but the idea that tax revenue is falling because of a middle class exodus is flat out wrong and unsupported by data.

Indeed, which leads to a much higher tax burden on lower-income Texans. Unless you think not having an income tax and over half of Texas' tax revenue is sales tax are unrelated. There are disadvantages and advantages to both states' approaches.

Again, which is a related quality of life issue that is separate from income. It makes no sense to decide whether an individual is middle class or not on their school district, by that logic, we should consider geographic access to hospitals or parks. Which is quite silly.

You are really lumping in parks with hospitals and quality schools? I guess I’ve seen it all…

I’m absolutely correct in that every middle (class and up) family in the world that earned their money would consider access to strong public schools a sign and prerequisite of a middle class life. Hence the third data point on Zillow is the school ratings in the area.

Sure there are bad schools adjacent to even rich areas but the rich send their kids to private schools. If you are truly middle class one of the primary drivers of where you seek to live is quality schools, if you plan on procreating and continuing the human species.

 

[BIKES!]

Do you not understand how marginal tax rates and tax brackets work? That 1.1% increase only applies to income in that bracket. Tax rate for income below that is unaffected.

It's impressive that you're so confident talking about taxes without knowing how tax brackets work.

Lol how many people do think are making 300K, have 9 kids, and are filing as an individual. This tax increase doesn't apply to them. The equivalent head of household income bracket is $93K- almost half a million. Please do tell me how a household making almost half a million is to be considered middle class.

You can define rich in several ways. I don’t consider $500K rich in Ca. $500K can put you living in decent suburbs and having a decent $2.5M (not at current rates, but at 2018 rates), not extravagant in other states. A $2.5M home in south Orange County (inland) would be $700K in nice parts of Texas. Housing is far and away the number one expense, 47 states have no idea what it is like to own a home in CA…

 

[BIKES!]

Making 150K in Southern California barely makes you middle class.

Fuck this state. 10 more years till I can bounce.

On $150K unless you inherit some money you will likely never be able to buy a home until you are mid 50s and saved well…