Governor Brown has filed an initiative with the Attorney General to submit to voters a proposal for temporary increases in personal income and sales tax rates.
Due to “partisan gridlock,” the governor said he is offering a proposal directly to voters because of the negative impact that budget cuts have had on education and public safety. Under his proposal, millionaires and high-income earners would pay up to 2% more in income tax, but no family making less than $500,000 a year would be affected. The governor is seeking a temporary 0.5% increase in the state sales tax. (Open Letter to the People of California, Governor Jerry Brown, dated December 5, 2011)
At Spidell’s Federal/California Tax Update Seminar we will talk about:
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What property tax is deductible
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How the new federal Schedule D works
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How to treat the sale of gold and silver
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What happens if your client is selling stuff on e-Bay
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New laws coming this year and old laws going away
Click here to register today.
