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.
They need to take their complaints to Sacramento, because the rest of us are done with subsidizing Californians’ tax-and-spend lifestyle.