Follow this ink to the story: Tahoe real estate: California rich seek Nevada tax haven | TahoeDailyTribune.com:
California Personal Income Tax
California collects income tax from its residents at the following rates.
For single and married filing separately taxpayers:
- 1 percent on the first $7,582 of taxable income.
- 2 percent on taxable income between $7,583 and $17,976.
- 4 percent on taxable income between $17,977 and $28,371.
- 6 percent on taxable income between $28,372 and $39,384.
- 8 percent on taxable income between $39,385 and $49,774.
- 9.30 percent on taxable income between $49,775 and 254,250.
- 10.30 percent on taxable income between $254,251 and 305,100.
- 11.30 percent on taxable income between $305,101 and $508,500.
- 12.30 percent on taxable income of $508,501 and above.
A 1 percent surcharge, the Mental Health Services Tax, is collected on taxable incomes of $1 million or more, making California's highest marginal rate 13.30 percent.
For married persons filing joint returns and heads of households, the rates remain the same but the income brackets are doubled.
Read more: http://www.bankrate.com/finance/taxes/state-taxes-california.aspx#ixzz3QMW8ckdu
Nevada Personal Income Tax
The Nevada Department of Taxation does not levy a state income tax
Read more: http://www.bankrate.com/finance/taxes/state-taxes-nevada.aspx#ixzz3QMXIlwmp
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