Quote:
Originally Posted by donquixote99
Who makes up your data for you? Tell them to do a better job.
The California state income tax has brackets, starting at 2% and topping out at 12.3% for income over $508K. See http://www.tax-brackets.org/californiataxtable
A single person with no dependents would, according to the tax calculator on that page, pay $4170 in states tax on an income of $75,000. That works out to 5.6%. Not 20%. |
Not to mention that property taxes in Texas are about double, so if you sold a home in California for 300K and bought one in Texas for 200K, you are still going to be paying higher property taxes in Texas. Texas would still probably have a slight tax benefit to the moving employee, but it won't be as great as it looks if he buys his own home.