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Quality Tax Preparation and Accounting Services Since 1983.
Quality Tax Preparation and Accounting Services Since 1983.
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California Taxpayers Elect To Raise Personal and Sales Taxes
| Posted on November 7, 2012 at 3:36 PM |
November 7, 2012 Yesterday was a day that the taxpayers’ of California decided to raise state tax for taxpayer’s who make $250,000.00 and above per year retroactive to January 1, 2012. The sales tax will also be raised to 7.5% from 7.25% starting January 1, 2013. Retroactive tax increase passes (11-07-12) Proposition 30 retroactively increases income taxes effective January 1, 2012. The following rate increases are effective for seven years: Governor's Ballot Initiative10.3% (1% increase) on income of:$250,001–$300,000 for single/MFS; $340,001–$408,000 for HOH; and $500,001–$600,000 for MFJ.11.3% (2% increase) on income of:$300,001–$500,000 for single/MFS; $408,001–$680,000 for HOH; and $600,001–$1,000,000 for MFJ.12.3% (3% increase) on income of:More than $500,000 for single/MFS; More than $680,000 for HOH; and More than $1,000,000 for MFJ. (Note: Income in excess of $1 million is also subject to the 1% mental health surcharge.) Proposition 30 also increases the state sales tax rate by 0.25% for four years, beginning January 1, 2013, bringing the standard statewide rate to 7.50% (currently 7.25%). Other results:
Proposition 39, the single sales factor mandate, passed, so most multistate corporations will be required to use the single sales factor in 2013. |
Categories: CA Taxpayers Choose To Raise Taxes
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Javier Elijah
10:51 AM on March 17, 2013
Pleased to find out this kind of valuable information through your site. True to say, it is shocked news for every taxpayer. Thanks for knowing this useful information and looking forward to your next update 
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