Can Someone Clarity Proposition 30?

[firehawkocean]

Regarding prop 30 in California:

Does it increase tax brackets?

or

Does it only increase taxable rates for income earned OVER 250,000k

Example:

If I make 260k, is all 260k taxed at the new rate? Or, is only 10K taxed at the new rate?

Thanks

[MonkeyMama]

It only increases taxable rates for income earned OVER 250,000k.

If you are married, this would apply only to household income over $500k.

[greenskeeper]

just wait til the "wealth tax" comes to the republic....yearly taxes on assets....