GAR
02-18-2009, 04:35 PM
How much more are you going to have to pay this year in California taxes? Average family will pay $3K/ann the next 5 years.
-because the Spendocrats control the State.
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Calculate personal tax impact of proposed budget
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By Phillip Reese
preese@sacbee.com
Published: Tuesday, Feb. 17, 2009
The Legislature and Gov. Arnold Schwarzenegger are considering a budget package that includes tax increases.
Use this calculator to see how the tax increases under consideration could affect your household.
http://www.sacbee.com/1098/story/1627728.html
Assumptions: Calculations based on Assembly Floor Report given to legislators Saturday night. Assumes $22.13 of every $1,000 in personal income will be spent on sales taxes, up from current rate of $19.45 per $1,000. (Sales tax assumption based on figures here, but adjusted based on interviews with state finance officials noting that about 35 percent of sales tax revenue is generated by business-to-business transactions.) Assumes 5 percent income tax surcharge. Taxes paid based largely on Franchise Tax board table. Assumes vehicle license fee increases from .65 percent to 1.15 percent of car's value. Assumes gas tax increases by 12 cents per gallon. Assumes each dependent tax credit reduced by $210.
Notes: The 5 percent surcharge on income tax liability will be halved to 2.5 percent if sufficient bailout money comes to the state from the feds. The percentage of income that goes toward taxable items varies by income level -- the poor pay a higher percentage of their income on sales taxes than the wealthy, so their sales tax burden is often more than the number shown here. The child tax credit isn't refundable, so if you don't make enough to owe taxes, you aren't going to lose the estimated child tax credits shown above (though you might now owe taxes if the credit gets reduced.) Income tax formula adjusted early Tuesday (2/17) evening to better reflect impact of 5 percent surcharge.
http://i178.photobucket.com/albums/w257/amoose14/LiberalsAgainstAmerica.jpg
-because the Spendocrats control the State.
----------------------------------------------------------------
Calculate personal tax impact of proposed budget
ShareThis
By Phillip Reese
preese@sacbee.com
Published: Tuesday, Feb. 17, 2009
The Legislature and Gov. Arnold Schwarzenegger are considering a budget package that includes tax increases.
Use this calculator to see how the tax increases under consideration could affect your household.
http://www.sacbee.com/1098/story/1627728.html
Assumptions: Calculations based on Assembly Floor Report given to legislators Saturday night. Assumes $22.13 of every $1,000 in personal income will be spent on sales taxes, up from current rate of $19.45 per $1,000. (Sales tax assumption based on figures here, but adjusted based on interviews with state finance officials noting that about 35 percent of sales tax revenue is generated by business-to-business transactions.) Assumes 5 percent income tax surcharge. Taxes paid based largely on Franchise Tax board table. Assumes vehicle license fee increases from .65 percent to 1.15 percent of car's value. Assumes gas tax increases by 12 cents per gallon. Assumes each dependent tax credit reduced by $210.
Notes: The 5 percent surcharge on income tax liability will be halved to 2.5 percent if sufficient bailout money comes to the state from the feds. The percentage of income that goes toward taxable items varies by income level -- the poor pay a higher percentage of their income on sales taxes than the wealthy, so their sales tax burden is often more than the number shown here. The child tax credit isn't refundable, so if you don't make enough to owe taxes, you aren't going to lose the estimated child tax credits shown above (though you might now owe taxes if the credit gets reduced.) Income tax formula adjusted early Tuesday (2/17) evening to better reflect impact of 5 percent surcharge.
http://i178.photobucket.com/albums/w257/amoose14/LiberalsAgainstAmerica.jpg