Salient excerpt from my post-election CA fact sheet:
Prior to Prop 30 passing, CA already had the second worst state income tax in the nation. Currently our 9.3% tax bracket starts at $48,029 for people filing as individuals. Now our “millionaires’ tax” rate is 13.3% – including capital gains. Increased taxes now start at $250K.
CA now has by far the nation’s highest state income tax rate. We are 21% higher than the second highest state (Hawaii), 34% higher than the third highest (Oregon), and a heck of a lot higher than all the rest – including 7 states with zerostate income tax.
We are so bad, CA also has the second highest state income tax bracket. AND the third. And the fifth and seventh.
To see my latest post-election “Breaking Bad” fact sheet — updated factoids to ruin your day — go to my blog: