New bill aims to eliminate state income tax for poor, middle income
A new bill proposed by Republican state Sen. Jeff Stone aims to eliminate state income tax for 90 percent of Californians and require wealthy part-time residents to start paying income taxes for the time that they are living in the state.
Senate Bill 1352, the Saving Money and Reducing Taxes Act, aims to change the state income tax system.
Individuals making $100,000 or less and married residents filing jointly making $200,000 or less would not pay any income tax.
The bill would also require part-time residents who earn more than $100,000 a year and own a second home here in the state to pay income tax based on the amount of time they live in the state.
“This is going to create some winners and this is going to create some losers, but the ones who are losers are the ones that are selfishly not wanting to contribute to our tax base here in California,” Stone said.
The next step for the bill is to head to Revenue and Taxation Committee and the Appropriations Committee. It could be months before it’s voted on in the state Senate.
CONTACT SENATOR STONE ABOUT THE BILL
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