Heated elections, repressive taxes and an uncontrollable state budget have sent California taxpayers running for cover. The slow decline in California’s revenue has prompted legislators to raise taxes virtually strangling businesses ability to expand.
According to “Breaking Bad,” a report put out by Richard Rider a San Diego Tax Fighter activist, the state’s taxation problem is getting worse not better. California has the third highest state income tax in the nation and the 9.55 percent tax bracket starts at $46,349 for people filing as individuals.
California is home to the highest state sales taxes in the nation at 8.25 percent and the nearest competitor comes in at 7 percent.
If you own a business in California get ready to pony up 8.84 percent to Uncle Sam, this is the highest corporate tax rate west of the Mississippi. According to the Tax Foundation’s 2010 State Business Tax Climate Index, California ranks 48th among states-friendly to business owners and creating a good working relationship.