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That's state tax, which is paid in addition to federal (nationwide) tax. Some states, like Texas, have no state income tax.
by fromthestart 8y ago
That's state tax, which is paid in addition to federal (nationwide) tax. Some states, like Texas, have no state income tax.
- tehlike 8y agoAnd no more salt deduction. Almost.
- carlivar 8y agoAnd the states without income tax usually make it up somewhere. I believe with Texas it means higher property taxes (California's are quite strictly limited thanks to the notorious Prop 13).
- rch 8y agoTexas also gets 36% of its tax revenue from sales tax: https://taxfoundation.org/sales-taxes-percent-collections/ https://taxfoundation.org/sales-taxes-percent-collections/
- muzz 8y agoThat's state income tax on your second million and above in a given year. The rate on your first million every year is less. Like first-world problems, I guess the tax rate on income over $1MM/yr can be called a California problem.
- leereeves 8y ago> The rate on your first million every year is less. Not much less. It works out to 10.8%, according to CA's tax calculator. https://webapp.ftb.ca.gov/taxcalc/calculator.aspx?Submit=2018+Tax+Calculator&Lang=english https://webapp.ftb.ca.gov/taxcalc/calculator.aspx?Submit=201...