Tag Archive: California’s Rich May Leave to Avoid $12 Billion in SALT Tax Hit


on April 24, 2018 in World News

California’s Rich May Leave to Avoid $12 Billion in SALT Tax Hit

by Chriss W. Street President Donald Trump’s new tax cut, which limiting state and local tax deductions, will cost rich Californians $12 billion more in federal taxes, with $9 billion coming from those making $1 million or more. Recently, the California Department of Finance reported good news for Sacramento politicians: thanks largely to having the top state income tax bracket in the nation at 13.3 percent, California collected about $3.3 billion more in state taxes than forecast in the first three months of 2018, with 67 percent coming from higher than expected personal income taxes. But the California Franchise...

by Chriss W. Street President Donald Trump’s new tax cut, which limiting state and local tax deductions, will cost rich Californians $12 billion more in federal taxes, with $9 billion coming from those making $1 million or more. Recently,...

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