Friday, February 13, 2009

It could be worse, you could be living in California

Here are the tax hikes that are part of the California Budget Compromise.

"Capitulation to Folly is not Compromise."

Link

Personal Income Tax

Income Levels

Current Rate

New Rate*

>$0

1%

1.05%

>$7,168

2%

2.10%

>$16,994

4%

4.20%

>$26,821

6%

6.30%

>$37,233

8%

8.40%

>$47,055

9.3%

9.77%

>$1,000,000

10.3%

10.82%

*-Increase would be cut in half if state receives more than $9.1 billion in federal stimulus funding.

Sales Tax (state and key cities)

City

Current Rate

New Rate

(State Base)

7.25%

8.25%

Los Angeles

8.75%

9.75%

San Diego

7.75%

8.75%

San Jose

8.25%

9.25%

San Francisco

8.50%

9.50%

Long Beach

8.25%

9.25%

Fresno

7.975%

8.975%

Sacramento

7.75%

8.75%

Oakland

8.75%

9.75%

Santa Ana

7.75%

8.75%

Anaheim

7.75%

8.75%

Bakersfield

7.25%

8.25%

Riverside

7.75%

8.75%

South Gate

9.75%

10.75%

Vehicle License Tax

Current Rate

New Rate

Statewide

0.65%

1.15%

Gasoline Tax

Current Rate

New Rate

Statewide

18¢/gallon

30¢/gallon