Our tax rate is 9.3% and long term cap gains is taxed the same amount. The Fed govt long term cap gains is 18%. If CA goes to 12%…..
Last time I checked, fed long term cap gains rate was 15%.
Ok.. you made be do it.. I pulled my 2007 CA Tax return, form and instructions. This is from the Form 540 instructions.
Page 26
Single or married/separately, top bracket is 9.3% of everything over $44,814 + $1,973tax
Married/jointly, top bracket is 9.3% of everything over $89,628 + $3,946tax
Head of household is 9.3% over everything $61,000 + $2,228tax.
Page 53 for line 13 of form
Long and short capital gains taxed as income (this is the one that bites me)
