Sacramento, the capital city of California, holds a unique position in the state's landscape. To describe Sacramento is to speak in relation; three hours eastward from the bay, two hours westward from the mountains, and no, not close at all to LA. It is a city that has been the capital for nearly 200 years, after several other cities held the title before that. Sacramento is not just a political hub, but also a vibrant city with a rich history and culture.
One of the key aspects of living in California is the taxation system. California's pay 13.3% on capital gain. Under Biden's FY 2025 budget proposal, for high-income taxpayers, the long-term capital gains tax is a hot topic of discussion. This has a significant impact on the residents of Sacramento and the state as a whole.
Sacramento has also been recognized for its real estate market. It was the top California city on the list compiled by Real Estate Witch and Leafly. It's followed by San Jose at No. 12 and San Francisco at No. 14. The city's real estate market is thriving, attracting both investors and residents looking for a place to call home.
The city is also known for its natural wonders. Redding is an ideal home base for exploring Shasta Cascade, an area filled with natural wonders. Sacramento is surrounded by beautiful landscapes, making it a great destination for outdoor enthusiasts. From hiking and biking to boating and fishing, there are plenty of activities to enjoy in and around the city.
In terms of legislation, the new law will require a 'covered entity' beginning in 2026 to file a report with the Department of Financial Protection & Innovation. This is part of the ongoing efforts to ensure transparency and accountability in financial transactions within the state.
When it comes to taxes, California has the nation's highest individual income tax rates and high sales tax burdens compared to the rest of the country. This has a direct impact on the residents of Sacramento, who have to navigate through complex tax laws and regulations.
Sacramento's real estate market is also booming, with recent sales of properties like the 332-unit Livano Complex to Apollo Asset Management Affiliate. The city's real estate sector is attracting investors and developers, contributing to its economic growth and development.
Beginning with the 2023 tax year, and for every taxable year thereafter, the California Franchise Tax Board (FTB) will require taxpayers who... (to be continued)
