January 1st marks the New Year and also the day that hundreds
of new California laws go into effect. One of those laws that will
impact your daily lives is the Proposition 30 sales tax increase,
approved by voters in November.
In addition to raising income taxes on Californians earning more than
$250,000 a year, Proposition 30 increases the sales tax one quarter of
one percent (0.25%) from 7.25 percent to 7.50 percent on January 1,
2013.
For every $100 spent on taxable goods, consumers will have to come up with an extra twenty-five cents.
This sales tax increase will remain for four years, through December 31, 2016.
If you are thinking about buying a high-ticket item, such as a car or
boat, and want to save a few bucks, you may want to think about buying
it before the year is over.
Stay tuned for more information from my office on other laws that will
take effect come January. Until then, I want to wish each and every one
of you a Merry Christmas and a Happy New Year!
