SEARCH BLOG: TAXES and CALIFORNIA
"We can't balance this budget with cuts alone," he said. "The budget I'm proposing will boost funding for education, protect public safety and prevent an even deeper round of trigger cuts."He just wants to tax those making more than $250,000. Gee, that sounds fair except if you live in some cities like San Francisco where a 3-bedroom, 2,000 s.f. home sell for $750,000 - $1 million... or rents for $4,000 per month.
The proposal calls for raising income taxes on the rich -- those earning more than $250,000 -- by up to 3 percentage points for the next seven years. It would affect about 1% of filers. [present California tax rates shown in table]A couple earning $250,000 with 2 children taking the standard deductions now pays about $18,000 in state taxes and more than $50,000 in federal taxes. That 3% is on top of the state tax they are already paying [source]... on top to the state sales taxes they are already paying: 7.5%... except where it is as high as 8.75% [source]... on top of the federal taxes.
Hey, 1%-er, you should move someplace else. Hmmm. Maybe they will. How does 4.25% sound? That would save you about $20,000. Michigan is lovely this time of year. And you can buy a place like that 3-bedroom, 2,000 sq. ft. home for 1/5th the cost. Your saved taxes would cover that. Heck, you can go to 3,000 sq. ft. and still have money for another house just as big, plus maybe a boat and a couple of vacations to France or the Caribbean.
The French will probably need the money you spend if you decide to go there... given they will be driving out their own 1%-ers.