General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsClearly 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!
WarGamer
(12,444 posts)Which is REALLY poor... still gets hit up for $400+ in State Taxes.
Hit up the wealthy harder...
ProfessorGAC
(65,042 posts)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)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)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)But my point is no one should. Simply make the personal deduction 25k.
Zeitghost
(3,858 posts)Between 25K gross and 25K taxable (AGI).