California tax rates for 2012 announced

[Roland Slugg]

The California Franchise Tax Board (FTB) recently published that state's tax rate brackets for the year 2012. The rates may be viewed here:

https://www.ftb.ca.gov/forms/2012_California_Tax_Rates_and_Exemptions.shtml

The table also lists the 2012 personal exemptions and standard deduction amounts for 2012 as well as other information.

According to the FTB, the California inflation rate during the index period was 1.9%, so everything was increased by that amount.

[OtisMozzetti]

Beyond the rates which Mr. Slugg was generous enough to post, there are election propositions which may end up increasing some of the tax rates. Those two propositions can be viewed, and .pdf downloaded, at www.sos.ca.gov, under the heading "ballot measures".

The .pdf files exceed the size limit for this forum, but they are only about 6-8 pages long.

Proposition 30 retroactively raises California income tax rates on upper-income taxpayers back to Jan. 1, 2012; and increases the state sales tax effective Jan. 1, 2013.

Proposition 38 raises California income tax rates on most all taxpayers effective Jan. 1 2013.

If both propositions pass, the one which gets the most "yes" votes will control what income tax rates and other provisions go into effect.

My assessment of the situation around here is that Prop. 30 will pass, and Prop. 38 probably will not pass.