K-12 Tax & Spending Climate: A Look at California

Richard Rider:

Here's a depressing but documented comparison of California taxes and economic climate with the rest of the states. The news is breaking bad, and getting worse (twice a month, I update crucial data on this fact sheet):

REVISED: California has the 3rd worst state income tax in the nation. 9.3% tax bracket starts at $46,766 for people filing as individuals. 10.3% tax starts at $1,000,000. Governor Brown is putting on the ballot a prop to change the "millionaires' tax" to 12.3%, starting at $500,000. If approved, CA will be #1 in income tax rates. http://www.taxfoundation.org/files/bp59_es.pdf

Highest state sales tax rate in the nation. 7.25% (as of 1 July, 2011 - does not include local sales taxes).
http://www.taxfoundation.org/files/bp60.pdf Table #15

California corporate income tax rate (8.84%) is the highest west of the Mississippi (our economic competitors) except for Alaska. http://www.taxfoundation.org/files/bp59.pdf Table #8 - we are 8th highest nationwide.

Posted by Jim Zellmer at January 6, 2012 1:24 AM
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