The Golden State is definitely golden as it serves as a beacon for those who would like to make their entry to America through the Pacific, as the waves of migrations by Asians, Latinos, and Chinese would attest. The nickname "Golden Gate" would not have been tagged to the state if gold had not been discovered there a century and a half ago, ushering in what is known as the great travel to the west setting thousands on a cross-country voyage. This not only proved to be meandering, but also hazardous both from the tempests of nature and wild animals as well as from the band of Native Americans who frequently staged attacks on the wanderers. And in case gold wasn't found there, the state may have been nothing more but a barren expanse similar to Nevada's desert to the east.
The Tax Rates in California
Today, California is one of the more progressive states in the United States. In 2007, it posted a gross state product of $1.812 trillion, which is the largest in the United States. One of the answers to this amazing income are the tax brackets that California uses, these have served the state well in good stead. The tax rates call for taxing rich citizens proportionate to their income, resulting to the fact that the richest 3 percent of taxpayers shoulders a huge 60 percent of all state taxes.
For corporate tax rates, California levies 10.84 percent on banks and financial institutions. For corporations aside from banks and financial institutions, the tax rate is 8.84 percent. For income taxes, the minimum rate for individual taxpayers is 9.3 percent. Apart from these, the state also allows its citizens many forms of rebate such as those afforded to senior citizens, widower, or for couples who have children.
My name is Dean and I own the Loans and Finance website. Like many people I have a keen interest in monetary issues. If you have enjoyed reading this article then you may be interested in the California tax brackets section of my site.