Trump's tax cut not for everyone: 1 million Californians will owe $12 billion more next year | WHAT REALLY HAPPENED

Trump's tax cut not for everyone: 1 million Californians will owe $12 billion more next year

President Donald Trump’s tax cuts will be anything but for about 1 million California taxpayers who will owe Uncle Sam more money a year from now.

They’re the Californians who will lose a collective $12 billion because the new law caps a deduction they have been able to take for paying their state and local taxes, according to a new analysis by the Franchise Tax Board.

Very wealthy Californians earning more than $1 million a year will pay the lion’s share of that money, with 43,000 of them paying a combined $9 billion.

But some middle-class Californians will pay more, too.

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