All articles tagged with #california taxes
California lawmakers plan a $356 billion budget that largely avoids Gov. Newsom’s social‑service cuts by delaying or softening them, expands TK‑12 and child‑care funding, increases county and homelessness support, and pursues new revenue ideas while aiming for a larger rainy‑day fund ahead of a June 25 ballot deadline.
California billionaires are driving a Miami luxury real estate surge, led by Larry Page’s nine-figure purchases in Coconut Grove, with Sergey Brin and Mark Zuckerberg rumored to be close to deals; the rise is linked to a proposed California billionaire tax and Florida’s zero state income tax, fueling a surge in waterfront property demand as Miami attracts tech and finance moves and launches talent initiatives such as Palantir’s HQ shift and Ambition Accelerated.
Shohei Ohtani's record-setting contract with the Los Angeles Dodgers includes a unique bonus: the potential to mostly avoid California's high income taxes. With 97% of his income deferred, Ohtani could choose not to live in California after his playing career ends, potentially avoiding the state's 13.3% income tax and 1.1% payroll tax. The details of Ohtani's contract appear to fit within a federal law that prohibits states from taxing the retirement incomes of former residents. While the exact amount of state taxes Ohtani will pay is unknown, his contract highlights the impact of wealthy residents on California's finances.