California state taxes – What you need to know Taxes can have a much bigger and longer-lasting impact on your retirement savings. You can count on sunshine most days in California … but the rare times it rains can ruin a day at the beach. Taxes can have an outsized impact on savings, one that you may not notice until it’s too late. But the impact of taxes needs to be considered. There are many ways to invest and many investment options to choose from. But it doesn’t need to be an A-versus-B choice.įor many investors, the choices they make with their investments are about getting from point A to point B, with point B being a comfortable retirement. That’s a high price to pay for sunshine and good wine. Residents of California can be subject to tax rates on investment income as high as 54.1%. That's because California is also famous for having high taxes-in fact, the highest in the nation. But choices often come with costs, and in the case of California that could come in the form of what is known as the sunshine tax. Where we choose to live is a choice, and in the case of most Californians, the feeling is well, yeah! Made a great choice. With a population greater than that of America’s other two most popular sunny states-Texas and Florida-the Golden State has staked its claim as the world’s fifth-largest economy-as measured by gross domestic product (GDP)-for several years in a row. And let’s not forget the farmlands of the Central Valley, the source of so much of the wonderful cuisine enjoyed in California! So much to love, in fact, that California is home to almost 40 million people. From San Diego to Orange County to the Venice and Santa Monica beaches, we find near-perfect weather and a great outdoor lifestyle. Some of the world’s best wines come from the Central Coast, Napa and Sonoma. The Bay Area is known as the technology hub of the U.S. Between the beautiful weather, excellent cuisine and some of the country’s best beaches, there’s a lot to love about being a California resident.
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