Sacramento Update

Has greedy California finally taxed the rich too much?

President Donald Trump and the Republican-controlled Congress are weighing whether to eliminate the federal income tax deduction for state taxes.

Without deductibility, the bite on the wealthy in California and other high-tax states – all of them true blue in their political leanings – would increase sharply.

It would create still another financial reason to flee California, particularly if they also fear that state taxes will rise again to finance the universal health coverage that many Democratic politicians advocate, including the party’s front-runner for governor, Gavin Newsom.

Source: CALmatters

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Categories: Sacramento Update

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