From WSJopinion: California quietly raises the marginal income tax rate to 14.4% in 2024. High earners won’t know what hit them until it does.
Review & Outlook: Despite regular power shortages in California, on Sept. 16, 2022, Governor Gavin Newsom signed 40 new climate bills to amp up California’s green-energy shock experiment. Images: Shutterstock/Getty Images Composite: Mark KellyIt’s hard to keep track of the bad policy emanating from California nowadays, and maybe that’s what Gov. Gavin Newsom was hoping when he signed legislation on Friday that raises the top marginal income-tax rate on the sly.
The bill funds an expansion of the state’s paid family leave benefit by removing the $145,600 wage ceiling on the state’s 1.1% employee payroll tax. Workers can currently receive a 60% to 70% wage replacement to take up to eight weeks off to care for a new baby or sick family member. Starting in 2025, they will be eligible for between 70% and 90% of wages, more for lower earners.
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