California's taxes, cost of living are crushing six-figure salaries
It’s no surprise that money in California doesn’t go as far as it does in many other states. But a new report from ConsumerAffairs reveals the stark contrast in take-home pay for someone earning a six-figure salary here compared to other areas.
Workers making a $100,000 salary in San Francisco and Oakland would have a purchasing power of just $62,371 after taxes and when adjusted for regional price parity, the worst on the list of U.S. cities.
California’s state income tax is high, but it’s the cities’ RPP, which translates roughly to cost of living, that really brings down the salary. Goods and services are much more expensive in California, with housing and utilities making purchasing power plummet. Housing costs in San Francisco, for example, are double the national........
