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Thursday, November 28, 2013

After Passage of Proposition 30, "California Income Tax Rates 2013 Now Highest in America!"


Following the narrow passage of Proposition 30 in November 2012, "California’s income tax rates have reached an astronomical 13.3% rate. California State now has the most progressive income tax rates of all the states, individuals begin paying an 6% rate at $27,898 and an 8% rate at $38,727 in income, but it now effectively surpassed Hawaii (11% top rate) as the state with the highest income tax rate in America."

Proposition 30 effectively "raised income tax rates for all Californians earning more than $250,000 per year. It progressively increased tax rates from 1% to 3% for all individuals and families earning above that level. Higher income households now face a 10.8% to 29.1% increase in overall tax rates."

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