San Diego Housing Market News and Analysis
Prop 30 passes... Get ready to bend over.....
User Forum Topic
Submitted by flu on November 7, 2012 - 8:30am
Raises California’s sales tax to 7.5% from 7.25%, a 3.45% percentage increase over current law. (Under the Brown Tax Hike, the sales tax would have increased to 7.75%)
Creates four high-income tax brackets for taxpayers with taxable incomes exceeding $250,000, $300,000, $500,000 and $1,000,000.
Imposes a 10.3% tax rate on taxable income over $250,000 but less than $300,000--a percentage increase of 10.6% over current policy of 9.3%.
The 10.3% income tax rate is currently only paid by taxpayers with over $1,000,000 in taxable income..
Imposes an 11.3% tax rate on taxable income over $300,000 but less than $500,000--a percentage increase of 21.5% over current policy of 9.3%.
Imposes a 12.3% tax rate on taxable income over $500,000 up to $1,000,000--a percentage increase of 32.26% over current policy of 9.3%.
Based on California Franchise Tax Board data for 2009, the additional income tax is imposed on the top 3% of California taxpayers.
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