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California Taxpayers Elect To Raise Personal and Sales Taxes


 

 

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:

10.3% (1% increase) on income of:

(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 38, Tax to Fund Education and Early Childhood Programs, failed; and

Proposition 39, the single sales factor mandate, passed, so most multistate corporations will be required to use the single sales factor in 2013.

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