This is going to hurt California residents. From the SacBee
President Donald Trump’s tax cuts will be anything but for about 1 million California taxpayers who will owe Uncle Sam more money a year from now.
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…
He (Governor Moonbeam) also said in January that he’s worried that the changes will provide an incentive for wealthy Californians to leave the state, potentially starving the state of tax revenue. The state’s wealthiest 1 percent, for instance, pay about 48 percent of the state’s personal income tax.