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California Voters Approve Extension of the Tax Increase for Individuals

November 7, 2016
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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.

Current Margin Tax Rates table

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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
(916) 503-8138
bob.reynolds@mossadams.com

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The material appearing in this communication is for informational purposes only and should not be construed as advice of any kind, including legal, accounting, tax, or investment advice. This information is not intended to create, and receipt does not constitute, a legal relationship, including, but not limited to, an accountant-client relationship. Although these materials have been prepared by professionals, the user should not substitute these materials for professional services, and should seek advice from an independent advisor before acting on any information presented. Changes in tax laws or other factors could affect the information provided in this communication.

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