Here's an amusing tidbit I just discovered. The California Franchise Tax Board says the rate of inflation in CA last year was -1.5%. Therefore they have adjusted all the tax rates up by that amount. If you look at the tax tables you will find it takes less income to fall into each bracket. Also, the rate in each bracket has gone up by .25%. This is apparently a straightforward increase not based on the inflation rate. A double whammy! The first of many increases to come, I'm sure.
Edited for clarity (I hope)
Edited Nov-5 by Tuppence |