Unlike the IRS, where the inflation adjustments to the tax brackets and other figures are announced before the beginning of the next year, the Calif FTB doesn’t announce theirs until the year is almost over.
They have just released their inflation adjustments for the 2013 tax rates and figures on their website, based on their calculation of the rate of inflation being 1.7% between 7/1/12 and 6/30/13.
For those comparing taxes between states, the summary at the top of this page is handy:
Corporate tax rates
Entity type
Tax rate
Corporations other than banks and financials
8.84%
Banks and financials
10.84%
Alternative Minimum Tax (AMT) rate
6.65%
S corporation rate
1.5%
S corporation bank and financial rate
3.5%
Individual tax rates
The maximum rate for individuals is 12.3%
The AMT rate for individuals is 7%
The Mental Health Services Tax Rate is 1% for taxable income in excess of $1,000,000.
Posted in Calif | Comments Off on 2013 California Inflation Adjustments
California demographers said Hispanics will pass whites as the state’s majority race by late this year. It’s absolutely chaotic. The headwinds from the number of Mexicans coming into California for amnesty are mixing with the tailwinds from the number of white people going out of California over tax hikes and creating funnel clouds over Interstate 15.
Will people be held prisoner inside high-tax states if they can’t or won’t pay the Exit Fees? Desperate money hungry State rulers may just stoop this low.
From Rush Limbaugh, who was a tax refugee from New York to Florida 15 years ago, but still has to undergo audits from the New York Tax goons every year to prove that he didn’t work inside the State borders.
Message to Sacramento: Tax, but don’t overspend – We all know how it ends up when DemonRats promise to cut spending in exchange for tax hikes. They always end up breaking that promise. It’s what did in Bush 41’s presidency, when he fell for the DemonRat lies and broke his “No New Taxes” pledge. DemonRats have something in their DNA that compels them to raise taxes and spend like there is no tomorrow. Expecting anything different from them is the definition of insanity.
Posted in Calif, TaxHikes | Comments Off on Retroactive Tax Hike Approved in PRC
You can see some of Governor MoonBeam’s TV ads for Prop 30 to raise taxes on the evil rich. It must have taken several tries, but they actually are able to keep a straight face while claiming that this new tax increase will be used only for schools and fully accountable, will be kept away from Sacramento politicians and audited with the reports posted on the web.
Anyone who knows the history of specially designated taxes and fees knows that it doesn’t take long for that money to be commingled for everything else. Social Security and Medicare taxes are perfect examples of how politicians routinely break their promises to use certain taxes only for certain purposes. Revenues from this new tax will end up being spent on the rulers’ idiotic programs, such as the boondoggle corrupt high speed rail that nobody wants.
Posted in Calif, TaxHikes | Comments Off on Will Calif voters raise their own taxes?
Why are people fleeing Cali? – Everyone has their own breaking point when it comes to being fiscally raped by the bozos in Sacramento. Mine was 20 years ago, when we came out to the Ozarks on a house hunting trip and found our refuge from the oppressive PRC.
The Great California Exodus: A Closer Look – A detailed look at the various states we have been moving to. If the tax hikes win in the November election, we can expect a huge growth in the number of people and businesses leaving Governor MoonBeam’s fantasy land.
Posted in Calif | Comments Off on Voting with our feet…
Tax Guru - Ker$tetter Letter 