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You have to make more than $2M a year to pay 50% or more of your income in taxes in California: https://smartasset.com/taxes/income-taxes#nJbFzkKePY https://sma
by amerkhalid 7y ago
You have to make more than $2M a year to pay 50% or more of your income in taxes in California: https://smartasset.com/taxes/income-taxes#nJbFzkKePY https://smartasset.com/taxes/income-taxes#nJbFzkKePY
Of course, above calculator doesn't include sales, property, luxury or gas taxes.
- bpodgursky 7y ago10% sales tax, and a couple percent property tax on a $500k-1mm home (in CA) moves that threshold a lot, lot lower.
- arcticbull 7y agoWhen most people say "50% of their income" they tend to mean on a marginal basis. Now that Donny capped state, local and property tax deductions at $10,000 per year (meaning you get double-taxed on the rest) and reduced the mortgage interest tax deduction cap from $1M to $750K, that number got much closer. At $300,000 you're paying 48.65% marginal. That doesn't include, in SF, a 9% sales tax, a 1.188% property tax (that of course even renters pay as owners use rental income to offset that cost), and to your point, luxury and gas taxes.