By Kimberly Hayek Californians are about to get some tax relief. The One Big Beautiful Bill Act, the new Republican tax-cut bill signed into law by President Donald Trump on July 4, raises the state and local tax (SALT) deduction cap from $10,000 to $40,000 for tax years 2025 through 2029, which should benefit Californians, […]
Tag: Income Tax
An income tax is a tax imposed on individuals or entities that varies with respective income or profits. Income tax generally is computed as the product of a tax rate times taxable income. Taxation rates may vary by type or characteristics of the taxpayer. The tax rate may increase as taxable income increases.
