Having defaulting on it’s debt to taxpayers, California is finally readying it’s 40 billion shortfall solution, they’re raising taxes. (chuckles)
- State sales tax to increase one cent from roughly 8 percent to 9 percent, depending upon the area, almost 10 percent in some areas
- State income taxes to rise either 2.5 or 5 percent across the board via a “surcharge”, depending upon the amount of Federal assistance, boosting the effective marginal tax rate to either 9.5 or 9.8 percent for amounts over $40K
- Gasoline tax to increase 12 cents to 39 cents a gallon for a total tax of 76 cents per gallon
- Vehicle license fees to almost double, from the current 0.65 percent of a vehicle’s value to 1.15 percent
Good luck with that. Leaving California eight years ago was, without a doubt, one of the smartest decisions I’ve ever made. It really wasn’t that hard to pull off, you just have to take the leap.