Prior to Prop 30 passing, CA already had the 2nd worst state income tax rate in the nation. Our 9.3% tax bracket started at $48,029 for people filing as individuals. 10.3% started at $1 million.
Now our retroactive (to 1/1/2012) “millionaires’ tax” rate is 13.3% – including capital gains (CA total CG now the 2nd highest in the world). 10+% taxes now start at $250K. CA now has by far the nation’s highest state income tax rate. We are 21% higher than the 2nd highest state (Hawaii), 34% higher than the 3rd highest state (Oregon), and a heck of a lot higher than all the rest – including 7 states with zero state income tax.
CA is so bad, we also have the 2nd highest state income tax bracket. AND the 3rd. Plus the 5th and 7th.