Los Angeles Tax Attorney Bruce Givner: Two New Tax Initiatives Target California Income Taxpayers

by Bruce Givner on June 13, 2012

California voters will vote on two new income tax initiatives in November, both temporary.  “Under the income tax initiative supported by Governor Jerry Brown, California income tax rates will be raised for any Californian who earns more than $250 thousand a year,” said Bruce Givner, one of Los Angeles’ leading tax attorneys and asset-protection planners.  Californians who earn at least $1 million a year, will be taxed at an income tax rate of 13.3%.  The current maximum income tax rate is 10.3%.  If passed, this new income tax initiative will also raise the California sales tax from 7.25% to 7.5%.  If passed, this tax initiative will give the state of California an additional $9 billion in revenue the first year, and an estimated $7.6 billion for the following seven years.

FREE SPECIAL REPORT - The Complete Asset Protection Bible - Request Your Copy Today

“In the second tax initiative, California income tax rates will be raised for any Californian who earns more than $7,316 in a year,” continued Givner.  Supported by the daughter of Berkshire Hathaway’s vice chairman, Charles Munger, California income tax rates would start at .4% for low-income taxpayers and top out at 2.2% for California taxpayers who earn more than $2.5 million a year.  Munger’s plan would add $10 billion each year to California coffers for 12 years.

Both tax initiatives would funnel needed money to California’s cash-strapped educational system, as well as the state’s $100 billion deficit.

California voters will also decide on another income tax initiative which would tax businesses only on their in-state sales.

Givner & Kaye focuses on sophisticated income tax planning and compliance, tax litigation and procedure, and asset protection plans for individuals and businesses in Beverly Hills, Calabasas, West Los Angeles, Hollywood, and other areas of Los Angeles County.  On the first and third Thursday of every month, Givner & Kaye hosts its MCLE & CE accredited series - "Thursday Insights."   On June 21st, join Givner & Kaye for insights into “The Five Most Common Business Frauds that Every Business Should Know.”  Call Los Angeles Tax Attorneys Givner & Kaye at (310) 207-8008 today.

Leave a Comment

Previous post:

Next post: