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Trump´s tax cut not for everyone:
1 million Californians will owe $12 billion
more next year

Sacramento Bee, by ADAM ASHTON

Original Article

Posted By:Jethro bo, 4/18/2018 2:10:11 PM

President Donald Trump’s tax cuts will be anything but for about 1 million California taxpayers who will owe Uncle Sam more money a year from now. They’re the Californians who will lose a collective $12 billion because the new law caps a deduction they have been able to take for paying their state and local taxes, according to a new analysis by the Franchise Tax Board.

Comments:
It´s called paying their fair share.

      


Post Reply  

Reply 1 - Posted by: vingoombatz, 4/18/2018 2:12:02 PM     (No. 11606024)

Let them eat their irrigated lawns.

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Reply 2 - Posted by: Jerseyden, 4/18/2018 2:16:20 PM     (No. 11606028)

Looks like a state problem and not a Fed problem to me. Easy way to solve it is to lower state and local taxes.

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.New_S.
  


 
Reply 3 - Posted by: plex, 4/18/2018 2:23:44 PM     (No. 11606041)

At least when I lived there, state income tax topped out around 11% (13% now), but these rich guys are in the 30%+ fed tax bracket so cutting state income tax doesn´t help that much.

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Reply 4 - Posted by: JMEGrammy, 4/18/2018 2:24:56 PM     (No. 11606044)

Wow, you all must think Californians are stupid, rich, crazy fruits and nuts... I live in CA and have for all of my 64 years. I make $40K a year. I got an extra $30 a pay period with tax cuts which I put into my pitiful 401K. Is it fun to lump everyone together? I´m a renter and do not have a lawn to eat. Guess I´m paying my fair share.

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Reply 5 - Posted by: strikingviking, 4/18/2018 2:25:06 PM     (No. 11606046)

Yay! That´s 12 billion bucks less that fiscally conservative, low-tax state taxpayers like me will have to pony up to subsidize socialist "Edens" like those on the Left Coast.

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Reply 6 - Posted by: harleynyc, 4/18/2018 2:29:56 PM     (No. 11606052)

Same in NYC, Long Island, and a lot of New Jersey. Our high taxes are due to supporting all the immigrant and home grown welfare freeloaders that the feds stick us with.

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Reply 7 - Posted by: rocco49, 4/18/2018 2:32:21 PM     (No. 11606057)

The Bee is printed by the DNC.
NEVER patronize that ragful of lies and racism and perversion!

STATE OF JEFFERSON!

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R-TA-Wide_2
  


 
Reply 8 - Posted by: Knotwyrkin, 4/18/2018 2:32:26 PM     (No. 11606058)

I am not disparaging any Californians, but they are getting the results from the Government they have elected.

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Reply 9 - Posted by: Calvinesq, 4/18/2018 2:37:24 PM     (No. 11606064)

Yes. The rest of us taxpayers should not have to pay for Governor Moonbeams programs by letting them offset their state taxes against federal taxes.



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Reply 10 - Posted by: jimincalif, 4/18/2018 2:45:53 PM     (No. 11606076)

Our California progressives are a confused bunch. FTA: "Very wealthy Californians earning more than $1 million a year will pay the lion’s share of that money, with 43,000 of them paying a combined $9 billion."

So it sounds like a tax HIKE for the rich. Isn´t that what Pelosi et al want? In Pelosi´s own words:

“Instead of offering the American people a plan for real, job-creating tax reform, President Trump is pushing a billionaires-first, trickle-down tax scheme that hands out massive tax cuts to the wealthiest, at the expense of American families."

So which is it?

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Reply 11 - Posted by: LadyHen, 4/18/2018 2:49:37 PM     (No. 11606079)

Victor Davis Hanson has written a great deal about how the the red parts and people of California suffer because of the blue, regressive, leftist parts filled with Hollywood bums, LGBTQ zealots, illegals, thugs, and freeloaders.

Solution: amputate the gangrenous dead limb, secede from Gov Moonbeams tyranny, and make a 51st state. More than a few states would benefit from this surgical procedure.

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Reply 12 - Posted by: mc squared, 4/18/2018 3:15:34 PM     (No. 11606104)

Aren´t the affected taxpayers the ones benefiting from Trump´s millionaire tax breaks?

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.LockDme.


 
Reply 13 - Posted by: jeffkinnh, 4/18/2018 3:19:38 PM     (No. 11606109)

"Very wealthy Californians earning more than $1 million a year will pay the lion’s share of that money"

Which is a problem why? The Left is always talking about making the rich pay their "fair" share. Sounds like they got what they wanted.

The article misleads by saying some middle class will pay as well. An article in 2015 defined the upper bound of middle class in California as $120,000 not the $250,000 the Bee article states. (The bound has probably gone up in 3 years but not that much). As you approach the upper bound you MAY max out your deduction when the state taxes you 9+%. Maybe you should talk to your state rep about limiting spending and taxes.

The real California middle class is NOT paying the big state income tax or multimillion dollar home property tax that would trigger the cut off.

California has been living off the rest of the Country by writing off excessive income and property tax (due to inflated salaries, inflated spending requiring higher tax rates, and inflated property taxes) on their federal taxes.

Also, a person earning $40K a year and living in an apartments is not paying enough state income or property tax to trigger the limit on exemptions ($10,000). And $30*52 =$1560, about 4% of salary returned by the tax cut. That´s not nothing.

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Reply 14 - Posted by: pessimist, 4/18/2018 3:31:15 PM     (No. 11606118)

Rich people in California will now be paying more in taxes while the middle class and poor pay less -- something rich liberals supposedly wanted for years.

As George Orwell once said, "the sham of liberal and leftist parties in the advanced sector is that they advocate for things they really don´t want to see happen."*

* Essay on Rudyard Kipling. Worth a read.

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Reply 15 - Posted by: Evocatus, 4/18/2018 3:39:00 PM     (No. 11606125)

Boo Hoo Hoo.

Hoo.


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Reply 16 - Posted by: msjena, 4/18/2018 3:56:05 PM     (No. 11606158)

You mean it´s not a tax cut for the rich?

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Reply 17 - Posted by: John56, 4/18/2018 4:04:01 PM     (No. 11606167)

I thought Democrats LIKED higher taxes.

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.R-LJ.
  


 
Reply 18 - Posted by: earlybird, 4/18/2018 4:31:26 PM     (No. 11606209)

Did you hear that Oprah? And a fair number of Hollywood libs? How about Steyer?

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Reply 19 - Posted by: Ribald1, 4/18/2018 5:22:58 PM     (No. 11606251)

Notice that this isn´t an issue in NY, where it will hit even harder.
The New Yorkers are all communists, so they just roll with it.
People in CA are likely to do something about it, and that has them scared. They remember prop 13.

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Reply 20 - Posted by: JMEGrammy, 4/18/2018 6:04:41 PM     (No. 11606286)

There is a one party system now in CA. We good conservatives are NOT getting the government we voted for, I´m here to tell you. Remember what happened to us in CA can happen to you too....

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Reply 21 - Posted by: doctorfixit, 4/18/2018 6:53:51 PM     (No. 11606339)

Nevada will soon gain 1 million new residents as they have no personal income tax. Will taxpayers leaving CA please leave their leftwing politics behind.

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Reply 22 - Posted by: Omen, 4/18/2018 7:49:45 PM     (No. 11606409)

POTUS laughs.

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Reply 23 - Posted by: chance_232, 4/18/2018 9:07:55 PM     (No. 11606458)

Re#4 ..... What´s jacking up the taxes is the limit put on property tax exemptions.

If you paid 100K in property taxes, you got to deduct that from your taxes. Now you can only write off 10K.

So....if your renting on a 40K income, you arent affected.

No....we dont think that all Californians are stupid. Just the 61.7% who voted for Hillary and believe that higher taxes lead to prosperity.

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Reply 24 - Posted by: ocjim, 4/18/2018 9:19:55 PM     (No. 11606473)

Puts the hurt where it belongs: On Californians, who should look to Sacramento not Washington D.C. for the real hi spend/hi tax cause. The rest of the nation has been wrongfully subsidizing/rewarding profligate states for decades, thanks to that now-dead bogus State Tax deduction.
I´m a Californian, but to you angry California swells getting pinched real good here, I say... Pound arugula!

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Reply 25 - Posted by: Cedar, 4/18/2018 9:32:29 PM     (No. 11606483)

Californians can solve their fiscal and other problems by electing new leadership and quit recycling Moonbeam and other crazies!

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Reply 26 - Posted by: msjena, 4/18/2018 9:40:50 PM     (No. 11606490)

States knew they could raise taxes higher because they were deductible.

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Trump´s tax cut not for everyone:
1 million Californians will owe $12 billion
more next year
Sacramento Bee, by ADAM ASHTON    Original Article
Posted By: Jethro bo- 4/18/2018 2:10:11     Post Reply
President Donald Trump’s tax cuts will be anything but for about 1 million California taxpayers who will owe Uncle Sam more money a year from now. They’re the Californians who will lose a collective $12 billion because the new law caps a deduction they have been able to take for paying their state and local taxes, according to a new analysis by the Franchise Tax Board.



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