Trump's tax cut not for everyone: 1 million Californians will owe $12 billion more next year

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President Donald Trump’s tax cuts will be anything but for about 1 million California taxpayers who will owe Uncle Sam more money a year from now. They’re the Californians who will lose a collective $12 billion because the new law caps a deduction they have been able to take for paying their state and local taxes, according to a new analysis by the Franchise Tax Board.

Very wealthy Californians earning more than $1 million a year will pay the lion’s share of that money, with 43,000 of them paying a combined $9 billion. But some middle-class Californians will pay more, too. About 751,000 households with incomes under $250,000 probably will owe more tax. All together, they’ll owe an extra $1.1 billion.

The FTB has been releasing reports on the new tax law in waves since December, explaining in detail how it differs from state regulations and analyzing how taxpayers might respond to the changes.

http://www.sacbee.com/news/politics-government/capitol-alert/article209015539.html

[dalton99a]

1. Kick

[Major Nikon]

2. When the reality of this sets in, the GOP is going to lose quite a bit of market share

The red districts in blue states are predominately those who are going to be footing the bill for the tax breaks on those richer than they are. The midterms might be too soon for the reality to sink in, but by the next presidential election I think we will see blue states turning a brighter shade.

[DrunkInTheAfternoon]

3. The tax cuts sucked for a lot of reasons....

But, the fact that some wealthy people (who earn more than A MILLION A YEAR) are going to have to pay more in taxes, is not one of them....

[Johonny]

4. Yup, they bleed Californians because they're so under represented in federal government.

We need a fair congressional make over. No taxation, without representation.

[duforsure]

5. Everyone in the middle class and the poor

Will feel the pain as trillions are stolen by Republicans out of our economy , and given to the wealthiest people in this country. This has backfired so badly on trump and their party they'll lose both the House and the Senate in Nov. . The people can see and understand now what they've done to us, and now want to destroy Medicaid , Medicare, and Social Security, now matter what he claims, which will only be more lies. He wants to destroy all programs and government agency's for them to profit from, like the post office, teachers, police , and many others. This corrupt administration is nothing but a fraud. They're all crooks.