Originally Posted by Kelly's Landscaping
You are right, I was wrong. I did more checking, and confirmed that CA is a bracketed system, not the straight 12% as I suggested.
Not only is it a bracketed system (with typically higher rates on the lower end than most states that do have an income tax), but includes an uptick on rates for those in high income ranges. One has to be over the $1M mark for the 9.3% "standard" bracket to be in effect, but also a 3% uptick, making the top range 12.3%. Prop 30 was sold as a "tax on the rich" but it successfully dragged in everybody, including those in lower income ranges.
Good catch,... thanks.