Proposition 30 which passed 11/7 in California, retroactively increases taxes effective January 1, 2012. The following rate increases are effective for seven years: Governor’s Ballot Initiative 10.3% (1% increase) on income of: $250,001–$300,000 for single/MFS; $340,001–$408,000 for HOH; and $500,001–$600,000 for MFJ. 11.3% (2% increase) on income of: $300,001–$500,000 for single/MFS; $408,001–$680,000 for HOH; and […]
Archives for December 2012
Tax Law Changes for 2013
Many tax rules that have been in effect since 2001 are set to expire on December 31, 2012. The expiring provisions include: Increase in the individual tax rates from a maximum rate of 35% to 39.6% and elimination of the 10% rate. Increase in the maximum preferential rate on net capital gains from 15% to […]