Gavin Newsom

Ya who wouldn't welcome this sweet record nationwide. What could go wrong?

How is it a 60% tax rate for the Palisades?

California does a progressive tax system, just like the federal government. So, how is there a flat 60% tax rate for that specific area in California?

I mean, if you're in the top bracket for the US, the most you'll pay is 37% at the federal level. And I had to go look this up, the top income bracket for California is 13%.

So... that doesn't add up. And that wouldn't apply to everyone living there. Just the single filers who were in the top income bracket.

Why did you make up the flat 60% tax rate? Or did you just believe a lie and repeat it without verifying anything?

The Palisades is amongst the wealthiest communities in California. Start by looking at your own numbers that you posted there, Stephen Hawking…

37% plus 13% equals 50%. Now add in local taxes, social security payroll taxes, annual property taxes, capital gains taxes, etc., and you’ll be at 60% in no time … which still doesn’t buy you water for the fire hydrant on your street corner - Welcome To California.

Thanks for playing.
Better luck next time.