They probably have a really good tax guy, especially if they’re making that much. Average is typically 15-30%, and it usually depends on how you go about your taxes. Depending on deductions, especially if you own a business, and the more you can pay a (high level) tax guy, the less you pay in taxes. It really do be like that.
Personal income, and even business income, absolutely agreed (my personal for the year was $10k or just shy of 10%, my corp tax was about $900, not bad at all). It’s the other nickel and dimeing CA is famous for. Fuel taxes, property taxes because home values are now sky high, DMV fees, and then all your municipal taxes, and then all your varied county/municipal sales taxes, and plenty of others I’m not thinking of right now, and of which added together are exorbitant compared to other states. Now, don’t get me wrong, you certainly get what you pay for in terms of great weather and good quality of life compared to other states, as well as many other benefits, but let’s not pretend for a second that California isn’t a fucking expensive place to live. I was born and raised here, I’ve lived elsewhere, and I am not leaving, but absolutely California is pricey.
In California, yes. Moreso because taxes keep rising but services keep dwindling.
You’re fucking high, California income taxes are very well structured. At $880k my taxes after deductions were like $30k.
I’m not American, is this a joke or do you really pay 3.5% effective tax rate?
They probably have a really good tax guy, especially if they’re making that much. Average is typically 15-30%, and it usually depends on how you go about your taxes. Depending on deductions, especially if you own a business, and the more you can pay a (high level) tax guy, the less you pay in taxes. It really do be like that.
Disgusting.
Personal income, and even business income, absolutely agreed (my personal for the year was $10k or just shy of 10%, my corp tax was about $900, not bad at all). It’s the other nickel and dimeing CA is famous for. Fuel taxes, property taxes because home values are now sky high, DMV fees, and then all your municipal taxes, and then all your varied county/municipal sales taxes, and plenty of others I’m not thinking of right now, and of which added together are exorbitant compared to other states. Now, don’t get me wrong, you certainly get what you pay for in terms of great weather and good quality of life compared to other states, as well as many other benefits, but let’s not pretend for a second that California isn’t a fucking expensive place to live. I was born and raised here, I’ve lived elsewhere, and I am not leaving, but absolutely California is pricey.
Cool story bro, move to Texas A.K.A. Fuck around and find out how high taxes get.
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