Opinion California - Another 1.1% Income Tax increase for the Middle Class in 2024

[Protectandserve]

Got to love the intellectual dishonesty of pretending that someone making $150K to $300K is middle class. I don't think these people understand what median income is.

Making 150K in Southern California barely makes you middle class.

Fuck this state. 10 more years till I can bounce.

 

[Scerpi]

Not sure about those numbers, especially "median income is under $80k". Just a quick googling shows $91.9k as recently as last year.

https://www.census.gov/quickfacts/fact/table/CA/BZA210221

$100k sounds pretty middle class for the state. Disagree that's where taxes should be raised.

There's 40 million in California... about 26 million is coastal, which leaves 14 million rural or smaller cities.

I'm sure the average income of the rural areas is exponentially lower than the coastal areas. Especially the million or so farm workers.

It's like two separate states completely with vastly different costs of living.

Good luck trying to buy a $850K (average home price in Cali) on a $100k per year salary. At 7% mortgage rate, an $800k loan is around $5k per month.

To live in the coastal areas, you're going to need to be in $200k+ range easily...

Then you're being smacked with a 10% State tax and around 32% Federal tax rate. Then there's property tax and insurance... lol.

Seriously, what the fuck

 

[RoastBeast]

There's 40 million in California... about 26 million is coastal, which leaves 14 million rural or smaller cities.

I'm sure the average income of the rural areas is exponentially lower than the coastal areas. Especially the million or so farm workers.

It's like two separate states completely with vastly different costs of living.

Good luck trying to buy a $850K (average home price in Cali) on a $100k per year salary. At 7% mortgage rate, an $800k loan is around $5k per month.

To live in the coastal areas, you're going to need to be in $200k+ range easily...

Then you're being smacked with a 10% State tax and around 32% Federal tax rate. Then there's property tax and insurance... lol.

Seriously, what the fuck

Yeah California is really like 4 or 5 different states in one. Using any type of average to encompass the entire state is next to meaningless. Figures in SF, LA, SD and Tahoe don't apply at all to Fresno, Bakersfield, Redding etc.

 

[fedorthegoat777]

California seems like a great place to vacation, not live.

 

[HockeyBjj]

Got to love the intellectual dishonesty of pretending that someone making $150K to $300K is middle class. I don't think these people understand what median income is.

The tweet says 60k to 300k. The 60 side of that is certainly middle class. Up to 100ish, although a married no kids household with 2 100k earners feels like it’s upper mid class. But 2 at 60-80 is still well in middle.

 

[BreatheSherBro]

The tweet says 60k to 300k. The 60 side of that is certainly middle class. Up to 100ish, although a married no kids household with 2 100k earners feels like it’s upper mid class. But 2 at 60-80 is still well in middle.

I think two people earning 60 K and having kids would be in poverty in California. I have never lived there though.

Anyway, I wouldn't live in California. It's too expensive and too crowded. Beautiful weather though.

 

[RoastBeast]

The tweet says 60k to 300k. The 60 side of that is certainly middle class. Up to 100ish, although a married no kids household with 2 100k earners feels like it’s upper mid class. But 2 at 60-80 is still well in middle.

There's some areas where 60-80 can be middle class but most areas you're near poverty with that salary and in the bigger cities you're lower middle class at 100k.

 

[boingyman]

Merry Xmas Cali



Due to several reasons we all know about, California is seeing a massive decrease in Tax Revenue and to stem that massive hemorrhage, Cali is raising taxes yet again.

California’s budget deficit could hit record next year​

California's budget deficit could hit record next year

The Legislative Analyst’s Office predicts a $68 billion California budget deficit — which could mean spending cuts and drawing down reserves.

calmatters.org

If you thought California’s $30 billion-plus budget deficit for 2023-24 was bad, the projection for 2024-25 from the state’s Legislative Analyst’s Office paints an even bleaker picture.

In its fiscal report published Thursday, the nonpartisan office found that the state faces a $68 billion budget deficit, explains CalMatters’ Capitol reporter Alexei Koseff. The second straight deficit follows two years of record budget surpluses, fueled by federal COVID relief, but also by California’s volatile income tax system that relies heavily on wealthy people.

Yeah... Don't fix budget issues, just continue to raise taxes. Businesses and people are already fleeing.... just keep giving them reasons leave, as if the massive crime and homeless issues aren't reason enough.



Can't believe they keep voting these clowns in

Is there a better source of this 2024 increase of CA state income tax in that bracket? Even if it's true the lack of any source in these articles are pretty horrible. The only tax increase I'm aware of is through SB951 which removes the wage cap on CASDI in 2024. So any wage above the cap (~$145k) will be taxed an additional 1.1%.

 

[avenue94]

Lol… Are you arguing for more taxes?

What’s the average home price in California again?

Nope, I'm merely pointing that lumping someone making $200K in California with the "middle class" is laughably dishonest. There's plenty of arguments to be made for better targeting of taxation and revenue in California and any other state.

2008 Democrats: if you make over 250K, you're rich

Are you arguing that being in the top 5 or 10 percentile of income in 2008 means you aren't rich?

What’s the average home price in California again?

Way too high due to artificially restricted supply that enriches those who already bought homes earlier, which massively distorts the market and subsidizes some at the expense of many.

Not sure about those numbers, especially "median income is under $80k". Just a quick googling shows $91.9k as recently as last year.

https://www.census.gov/quickfacts/fact/table/CA/BZA210221
$100k sounds pretty middle class for the state. Disagree that's where taxes should be raised.

I imagine the ACS tends to err a little higher since it's self-reported. At any rate, I would agree that $100K household income puts you in the middle class many parts of California. My point was that pretending that a household making $100K or $300K are in the same economic segment is comical.

 

[avenue94]

Making 150K in Southern California barely makes you middle class.

Fuck this state. 10 more years till I can bounce.

What's your definition of middle class? Because 150K income puts you in the top 10 or so percent of earners in California. You can't seriously argue that someone making more than 90 percent of the population is middle class.

The tweet says 60k to 300k. The 60 side of that is certainly middle class. Up to 100ish, although a married no kids household with 2 100k earners feels like it’s upper mid class. But 2 at 60-80 is still well in middle.

Yup, I agree. My point is that to paint with such a broad brush and lump all of that range into "middle class" is dishonest.

 

[Darkgsp]

The solution would be to move to Florida.

 

[Broke Lester]

Sure, we can argue people under 100K shouldn't be taxed more. But the base issue here is people just tossing around "middle class" as a political buzzword with no defitinion of it. IT's like the mythical "small business." Both of those terms have essentially been used as a political football to the point they include massive amounts of upper class and not really small business owners.

But to the point here: What's your definition of middle class in California?

I already said I don't know what is considered middle class in Cali. One size doesn't fit all though, if you're single and make 300K vs having 9 kids and making 300K, would the second guy be middle class or wealthy?

 

[Broke Lester]

@MMAisGod

The solution would be to move to Florida.

 

[Darkgsp]

I already said I don't know what is considered middle class in Cali. One size doesn't fit all though, if you're single and make 300K vs having 9 kids and making 300K, would the second guy be middle class or wealthy?

Sir realistically how many people have 9 that number seems very high ! most have like 1-3

 

[Protectandserve]

What's your definition of middle class? Because 150K income puts you in the top 10 or so percent of earners in California. You can't seriously argue that someone making more than 90 percent of the population is middle class.

Yup, I agree. My point is that to paint with such a broad brush and lump all of that range into "middle class" is dishonest.

In Southern California that means you can maybe afford a house at current market value

 

[ocfightfan]

And this is on top of all the other costs these assholes in Sacramento are foisting onto us. Plenty of free money for bums and illegals and criminals, but fuck you productive people.

 

[Gotosleepho]

Get out of California. Come to the midwest eh.

 

[HockeyBjj]

What's your definition of middle class? Because 150K income puts you in the top 10 or so percent of earners in California. You can't seriously argue that someone making more than 90 percent of the population is middle class.

Yup, I agree. My point is that to paint with such a broad brush and lump all of that range into "middle class" is dishonest.

It’s going up for middle class. It’s just also going up for higher earners as well. I don’t think it was dishonest to simply give the full range that’s subject to the increase in the headline so that there’s a hard number detail.

 

[MMAisGod]

Is there a better source of this 2024 increase of CA state income tax in that bracket? Even if it's true the lack of any source in these articles are pretty horrible. The only tax increase I'm aware of is through SB951 which removes the wage cap on CASDI in 2024. So any wage above the cap (~$145k) will be taxed an additional 1.1%.

Gonna second this, I'm not seeing anything implying what the OP tweet is replying, so I'm inclined to call bull unless proven otherwise. GOAT Newsom still undefeated.

@MMAisGod

Mannnn someone tell that dude the solution is to move to NYC or Chicago.

 

[Poatan Power]

Fuck this sucks. Making about 200k in California the last five years or so and trust me it is NOT like 200k in the rest of the country. what's another $200 a month out of my pocket it isn't like I could invest that into my own beneficial endeavors.