A $12 billion tax hike is coming for Californians next year, thanks to the Republican tax bill championed by Congresswoman Mimi Walters (R-Irvine). According to an analysis by the Franchise Tax Board, new caps on tax deductions included in the Walters-backed bill is the main factor in higher taxes for many Californians.
‘Inheritance tax’ another reason for wealthy to flee state. Eliminating the deduction, as some Republicans propose, would give the federal government a big injection of revenue, with about a fifth of the windfall coming from California because it has the nation’s highest state income tax rates. The offset is, in effect,
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How would federal tax overhaul hit California? dan walters expects a wealth exodus The Fresno Bee Wed, 20 Dec 2017 00:14:00 GMT. How would federal tax overhaul hit California? Dan Walters expects a wealth exodus. Don’t expect this tax reform (or any other) to be fair or even logical.
Dan Walters has been a journalist for nearly 57 years, spending all but a few of those years working for California newspapers. He began his professional career in 1960, at age 16, at the Humboldt Times in Eureka, while still attending high school, and turned down a National Merit scholarship to continue working as a journalist.
A new study by the California Franchise Tax Board – the state’s primary tax collection agency – reveals that the SALT deduction limit will cost Californians an estimated $12 billion a year.
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The new federal tax overhaul sharply reduces corporate income tax rates – aimed at stimulating job-creating investment, advocates say – and partially pays for it by reconfiguring personal.
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Most noticeably, the federal tax bill limits deductions for mortgage interest and state and local taxes (SALT), which would hit those in upper-middle and upper economic classes the hardest, because they are most likely to bump up against those limits. California political leaders,
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Federal tax overhaul could lead to changes in some states. for paying state and local taxes. In California, Connecticut, Massachusetts, New Jersey and New York, more than one-third of tax.