K-12 Tax & Spending Climate: California’s Proposed Tax Increases

Brad Polumbo:

As the Tax Foundation’s Jared Walczak explains, the tax hikes take three forms. There’s an income surcharge (on top of the already-high state income taxes) that applies starting at $149,509 in earnings. There’s also a payroll tax add-on, with the top rate applying to employees earning $49,990 or more. Then, there’s a 2.3% business tax hike on gross receipts above the first $2 million a business takes in.

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