More Tax Increases Hit California
Commentary
Taxifornia earned its nickname again on Nov. 8. The most taxed state in the country passed even more taxes. At least Proposition 30 lost. It would have increased taxes on the wealthy and generated up to $5 billion per year, with the top income tax rate rising to 15.05 percent from the current 13.3 percent. It was so bad even Gov. Gavin Newsom opposed it.
Here are some of the tax increases that did pass:
Los Angeles
Measure ULA in Los Angeles to fund housing programs in the city passed, 57 percent to 43 percent. According to a legal analysis, “[E]ffective April 1, 2023, there will be a drastic increase in the transfer tax amounts by imposing an additional tax on the sale or transfer of ‘high-value’ real properties within the boundaries of the city. A tax of 4 percent of the property’s value will be imposed on the sale of properties valued between $5 million and $10 million. If the property is valued at $10 million or more, the sale will be subject to a 5.5 percent tax….