What are the tax implications of living in California versus Texas?
An example of an AI chatbot conversation about tax implications in California and Texas.
What are the tax implications of living in California versus Texas?
California has a progressive income tax system with rates up to 13.3%, while Texas has no state income tax. This can significantly affect your overall tax burden.
What about property taxes in both states?
California's property tax rate is generally around 1% of assessed value, but Proposition 13 limits increases. Texas has higher property tax rates, averaging around 1.69%, but no state income tax.
How do sales taxes compare?
California has a base sales tax rate of 7.25%, which can go higher with local taxes. Texas has a base rate of 6.25%, also subject to local additions, making it generally lower than California.
Are there any other taxes I should be aware of?
Yes, California has higher capital gains taxes and various fees, while Texas has franchise taxes for businesses. It's important to consider all aspects.
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