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Friday, November 30, 2012

California 2012 & 2013 Tax Rates

Due to passage of Proposition 30, the tax rate for 2012 income in California is 13.3% for taxpayers with state taxable income in excess of $250,000.  This change from the November 6, 2012 election is retroactive to income earned for the full year, since January 1, 2012.  Here is a summary of 2012 and 2013 California tax rates.

State sales tax rates are also increasing another .25%, up to a new base-level sales tax rate of 7.5% (before county/city tax) for every California taxpayer beginning January 1, 2013.  Even the poor get to enjoy this portion of Prop 30.

In Santa Clara County, where I live, the current sales tax rate is 8.375%.  This goes up to 8.675% on January 1, 2013.

Don't forget property taxes.  You will probably pay $15,000 to $25,000 a year in property taxes if you buy a home in Cupertino, Los Altos or Palo Alto, cities with top schools.

Los Altos, CA 940224 Beds 3 Baths

229 Florence St
Sunnyvale, CA 94086 - 4 Beds 2 Baths

This "average home" in Santa Clara County will have property taxes of about $10,000 in 2013!

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Since 9/30/98 inception, "Kirk's Newsletter Explore Portfolio" is UP 390%
vs. the S&P500 UP only 51% vs. NASDAQ UP only 57% (All through 12/31/11)
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Q1 2012 Update: Up 11.3% YTD as of 3/31/12
(remember this 2012 performance is with 1/3 in fixed income!)

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