t-rump's tax break for himself and those much wealthier than him has eliminated many of my write offs. We pay more so the elite can keep theirs.
California state taxes are known for being among the highest in the country. This probably doesn't come as a surprise to those who live there or do business there, but you might want to keep these tax rates in mind if you're thinking about relocating to the area.
The state also has some of the
highest income tax rates in the country. California has 10 personal income tax rates ranging from 0 to 13.3 percent as of 2020.
Gasoline will run you an additional 12 cents a gallon under legislation that began increasing the tax incrementally effective November 1, 2017.9 That's the highest rate in the country.10 As of 2020, the average California driver pays $2.93 per gallon compared to the national average of $1.90.
California tax law includes no special provisions for capital gains tax so unlike federal tax law, the state doesn't give you a break for long-term gains on assets you hold onto for over a year.26
If you sell any property or asset for more than your tax basis or investment in it, you'll pay taxes on your profits at your personal income
tax rate regardless of the duration of ownership.27 This means that if you fall into that 13.3 percent tax bracket, you'll pay that rate on your capital gains, too.
If your sale is such that you must also pay the federal long-term capital gains tax rate of 20 percent, you'll end up paying the second-highest capital gains tax rate in the world—a combined 33.3 percent.
California taxpayers pay among the highest rates in the nation. Find out how much, from income tax to property and sales taxes and even capital gains tax.
www.thebalance.com
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