Thursday, December 1, 2011

Jerry Brown wants to raise taxes

Under the measure, California would impose a half-cent sales tax increase starting in 2013 and an income tax hike on high-income earners starting retroactively with the 2012 tax year. - Sacramento Bee/Capitol Alert

The upper-income tax hike starts with a 1 percent increase at $250,000 for individuals and $500,000 for joint filers. A separate increase would charge 1.5 percent more on income between $300,000 and $500,000, followed by a third step of 2 percent on income above $500,000 for individuals (with amounts doubled for joint filers). That would increase the tax on millionaires from 10.3 percent to 12.3 percent.