Monday, March 14, 2011

(REAL) Millionaire's Tax Alive in Assembly

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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