Tax
Oct. 16, 2024
Upcoming tax changes could hit Californians harder than most
High tax rates may prompt some Californians to consider relocating, particularly before significant income events like lawsuits or sales of stocks and companies.
Robert W. Wood
Managing Partner, Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
Several factors are converging that virtually ensure tax changes next year, creating a perfect storm for adjustments. For one thing, the Trump tax cuts passed in 2017 that took effect in 2018 are scheduled to expire at the end of 2025. That means many tax changes, even if Congress does not act. For example, if Congress does not act, the standard deduction for a married couple will fall to approximately $16,525 in 2026. But if the 2...
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