The reformed Millionaire's Tax is alive and well in the Assembly, as the latest version of their budget bill (AB 4011) on the state's fiscal plan includes an 8.97% tax on income over $1 million.
This rate applies to taxable years after 2011 and before 2013, which really feels like 2012...
The current (Pseudo) millionaire's tax applies a 7.85 percent rate to people earning over $200,000 and an 8.97 percent rate to people making more than $500,000 a year. Both rates were set to expire on Dec. 31, under the assumption that the state would have resolved its fiscal woes.
Doubtful that the Senate includes a similar proposal, as their companion fiscal budget bill contains no references to $1 million.
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