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CaliforniaHoustonian

(74 posts)
Sun Oct 16, 2022, 06:49 PM Oct 2022

Clearly California's tax brackets are set too low...

...on the backs of the middle class & barely rich.
https://www.nerdwallet.com/article/taxes/california-state-tax

Why do all of the tax brackets start at the bottom?

Socialist countries are some of the worst. Just Krazy!

To be fair, ALL tax brackets should start at the top & work down!

ECON 401!

6 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Clearly California's tax brackets are set too low... (Original Post) CaliforniaHoustonian Oct 2022 OP
I think it's ridiculous that someone making 25k in California... WarGamer Oct 2022 #1
Agreed! ProfessorGAC Oct 2022 #2
The first $25k of income should not be taxed at a state or federal level. roamer65 Oct 2022 #3
I'd have to run the numbers Zeitghost Oct 2022 #5
Depends on if they have children, etc. roamer65 Oct 2022 #6
There is a big difference Zeitghost Oct 2022 #4

WarGamer

(12,444 posts)
1. I think it's ridiculous that someone making 25k in California...
Sun Oct 16, 2022, 06:53 PM
Oct 2022

Which is REALLY poor... still gets hit up for $400+ in State Taxes.

Hit up the wealthy harder...

ProfessorGAC

(65,042 posts)
2. Agreed!
Sun Oct 16, 2022, 06:56 PM
Oct 2022

The exempt dollar value should be maybe $36k. Then, at $45k (still not a lot of income) they'd only pay on $9k.
BTW: the numbers are only for illustration. I don't know enough about California income distribution & tax rates to propose real numbers.

roamer65

(36,745 posts)
3. The first $25k of income should not be taxed at a state or federal level.
Sun Oct 16, 2022, 07:33 PM
Oct 2022

The burden should be shifted to the income earned after that amount and the top federal income tax rate should go back to the 1982 top rate of 50 percent.

The economy would boom just like it did after the tax increases enacted in 1993 by Bill Clinton.

Zeitghost

(3,858 posts)
5. I'd have to run the numbers
Sun Oct 16, 2022, 08:04 PM
Oct 2022

But with basic exemptions and credits, I doubt many, if any pay any taxes on their first 25K and if they do, it's a very low amount.

roamer65

(36,745 posts)
6. Depends on if they have children, etc.
Sun Oct 16, 2022, 09:44 PM
Oct 2022

But my point is no one should. Simply make the personal deduction 25k.

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