Tomorrow is California Tax Freedom Day

1:34 pm Uncategorized

Sunshine Tomorrow is California Tax Freedom DayCalifornians who will still be working this weekend to make the April 18 income tax filing deadline will likely not notice that April 16 is California Tax Freedom Day – marking the day that Californians have to work up to in order to pay their federal, state and local tax bill.

Since California is the third highest income tax state, it’s really no reason for celebration.  For most of the country, tax freedom day comes on April 12.  And according to a Tax Foundation report, California is tied with three other states for having the 5th latest tax freedom day in the U.S.

Actually, the April 16 date is optimistic since the Tax Foundation’s study assumes a balanced state budget – and California is currently $25 billion in the red.  Other nuggets of information based on recent research shows that California:

  • Ranks last of all 50 states in tax burden and design;
  • Ranks 49th on tax competitiveness for business;
  • Ranks 2nd in the nation for combined state and local sales tax;
  • Ranks 15th in the nation for property taxes.

On the other hand, tomorrow’s Newport Beach weather is predicted to be sunny and 81 degrees.  So at least there’s that.

Contact us today and let our Newport Beach law firm help you with all your financial planning needs.

 

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