On November 8, 2016, California voters approved the extension of the temporary tax increase on individuals, which was due to expire in 2018. Proposition 55 extends the tax rates instituted by Proposition 30 through 2030; however, it didn’t extend the temporary sales tax rate increase that expires in 2017. Below are the current margin tax rates.
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Given the 12-year extension of the higher tax rate for individuals, tax planning for your future becomes crucial. For additional information on how these changes could affect you, contact:
Bob Reynolds, Partner