California Increases Income Tax Rates Across the Board and Retroactively – Los Angeles Income Tax Planning Income Tax Litigation Attorney Bruce Givner

by Bruce Givner on April 5, 2013

Until PGA golfer Phil Mickelson made his ill-advised statement that “federal and California state tax hikes had made him contemplate making ‘drastic changes’ in his life”, few individuals, outside the state of California, were even aware that, like the federal government, the nation’s most populous state had raised taxes. Retroactively.

For tax returns with tax years beginning January 1, 2012, California increased the tax rate on individuals, estate, and trusts to a maximum of 13.3%. For taxable income of:

1. $250 thousand, the rate increases from 9.3% to 10.3 percent;

2. $300 thousand, the rate increases from 10.3% to 11.3 %;

3. $500 thousand, the rate increases from 11.3% to 12.3%; and at

4. $1 million, the rate increases from 10.3% to 13.3%.

There was no increase in the corporate tax rates.

Givner & Kaye focuses on sophisticated income tax planning and compliance, tax litigation and procedure, estate planning, and asset protection plans for individuals and businesses in Beverly Hills, Calabasas, West Los Angeles, Hollywood, and other areas of Los Angeles, Orange, Ventura, San Bernardino, Riverside and Santa Barbara Counties. Call Los Angeles Estate Planning and Asset Protection Plan Attorneys Givner & Kaye at (310) 207-8008 today.

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