Gavin Newsom’s Stealth Tax Increase

It’s hard to track down bad policy emanating from California these days, and perhaps that’s what the Government has put in place. Gavin Newsom was hoping when he signed legislation on Friday that would raise the highest marginal income tax rate on scumbags. High earners won’t know what’s happening to them until it happens.

The bill funds an expansion of the state’s paid leave benefit by removing the $145,600 salary cap on the state’s 1.1% employee payroll tax. Workers can now receive an alternative salary of 60% to 70% for up to eight weeks of leave to care for a new baby or sick family member. Starting in 2025, they will be eligible for between 70% and 90% of wages, more for those on lower incomes.

https://www.wsj.com/articles/gavin-newsoms-stealth-tax-increase-california-marginal-tax-rate-11664921470 Gavin Newsom’s Stealth Tax Increase

Edmund DeMarche

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