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SMALL BUSINESS NEWS

9 Nov 2012

 

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California Tax Hikes Affecting Small Businesses

On 6 November 2012 California Governor Gerry Brown placed Proposition 30 on the ballot which asked the people of California to vote on increasing personal income taxes and sales taxes. The measure was approved. The final vote count is still being conducted.

The measure will raise sales taxes as follows:

Raises from 7.25% to 7.5%. This is a 3.45% percentage increase.
The measure will raise personal income taxes on 5 categories of income as follows:

Taxable incomes exceeding $250,000 but less than $300,000: increased from 9.3% to 10.3%

Taxable income exceeding $300,000 but less than $500,000: increased from 9.3% to 11.3%


Taxable income exceeding $500,000 but less than $1,000,000: increased from 9.3% to 12.3%


Taxable income exceeding $1,000,000: increased from 10.3% to 13.3%
The law will be retroactive to 1 January 2012 and is intended to last for seven(7) years.
The law is intended to riase $9 billion to stem a budget shortfall for the state. It will have an impact on small business that pay taxes at the personal rate.
Sources:
Prop 30


By Jack River

 

 

 

 

 

 

 

 

 

 
 

 

  
 

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