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November 7, 2012


The California voters have spoken. They passed 
Proposition 30  which retroactively increases income taxes effective January 1, 2012 for those with high incomes. 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
$600,001–$1,000,000 for MFJ.
12.3% (3% increase) on income of:More than $500,000 for single/MFS;
More than $680,000 for HOH; and
More than $1,000,000 for MFJ.

(Note: Income in excess of $1 million is also subject to the 1% mental health surcharge.)

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