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:
California has the 2nd worst state income tax in the nation. 9.3% tax bracket starts at $48,029 for people filing as individuals. 10.3% tax starts at $1,000,000. Governor Brown has put on the ballot a prop to change the “millionaires’ tax” to 13.3%, starting at $500,000 – including capital gains. If approved, CA will be by far #1 in income tax rates. We will be 21% higher than the 2nd highest state (Hawaii), 34% higher than the 3rd highest state (Oregon), and a heck of a lot higher than all the rest – including six states with zero state income tax.
CA has the highest state sales tax rate in the nation. 7.25% (does not include local sales taxes).
CA corporate income tax rate (8.84%) is the highest west of the Mississippi (our economic competitors) except for Alaska.
CA has the highest gas tax (tied with NY) in the nation at 67.7 cents/gallon (June, 2012). National average is 48.9 cents.
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