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Keyword: taxhikebackfire

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  • California Residents, Businesses Leaving State to Avoid High Taxes

    01/28/2013 7:42:17 PM PST · by Olog-hai · 15 replies ^ | January 23, 2013 | Mark Johnston
    As the results of a new state income tax in California, a number of high-income earning individuals and small businesses are considering leaving the state. In November, California residents voted to pass Proposition 30 into law. The law increase state income tax rates for the highest income earners. With the new law in effect, the highest earners—those making more than $250,000 per year—now pay state income tax of 13.3 percent. While the increase in tax is expected to net California an additional $6 billion in revenue annually, the high-income earners affected by the change are not happy about it. …...