United States – California Voters Approve Retroactive Tax Increase

United States – California Voters Approve

On November 6, 2012, voters in California approved Proposition 30, which retroactively raised income tax rates for 2012 by creating three new tax brackets for those with state taxable income over USD 250,000 (USD 500,000 for a married couple filing jointly). The new tax brackets will remain in place for seven years. In addition, Proposition 30 increased the state sales tax rate to 7.5 percent, effective beginning in 2013 for four years.

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