Tax
May 15, 2024
Biden’s proposed tax increases will hurt, especially in California
The proposed federal tax hikes will hit harder in California than in some other states, as California already has the highest state income tax rate in the nation, which applies to both ordinary income and capital gains.
There’s an old adage about tax increases not being wise in an election year. But some tax increases are more likely to be popular than others. And the most popular tax increases these days are those that target wealthier people and companies. It does not seem likely that major tax increases will pass—or perhaps be voted on at all—until after the election. But it is still worthwhile to look at what the President is proposing.
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