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High-income Californians may pay nation's highest rate

Posted By -NO AUTHOR- On 12/07/2012 @ 12:41 am In Money | No Comments

(Sacramento Bee) Thanks to passage of Proposition 30 last month, high-income Californians would pay the nation’s highest marginal income tax rates — nearly 52 percent — if President Barack Obama and Congress fail to make a deal to avoid the so-called “fiscal cliff,” according to a new study.

Without a fiscal cliff deal to the contrary, the Bush era tax cuts on high-income taxpayers would expire next year and rates would return to their previous levels.

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