Proposition 30 Retroactively Raises Taxes in California

by Matthew Burgess on November 29, 2012

This update comes directly from Thor Eakes, CPA and partner at Murrill Eakes & Company in San Diego.

On November 6th, taxpayers voted for a tax increase retroactive to January 1, 2012. The following rate increases are effective for seven years:

Increase to 10.3% (1% increase) for individuals making over $250,000 and married filing joint filers making over $500,000.

Increase to 11.3% (2% increase) for individuals making over $300,000 and married filing joint filers making over $600,000.

Increase to 12.3% (3% increase) for individuals making over $500,000 and married filing joint filers making over $1,000,000.

Proposition 30 also increased the state sales tax by .25% for four years beginning January 1, 2013.

The income tax rates below the income amounts above is 9.3%.

This is a very steep increase for high income taxpayers in California and will negatively impact their decision for making a living in California.

Contact Thor Eakes or your CPA if you have questions.

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  • http://www.noriskinvestor.com/ R Truth

    what i all want to say is..make all your Tax Deed just effortless for the betterment of your business.thanks for sharing the post here with us.keep it up.all the best.

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