As you prepare your tax returns for 2012, be warned: A number of states have made or are considering big changes to their state income taxes. With some of those changes already having taken effect, you need to know whether you’re in the line of fire — or in line for a tax break.
1. California
Last November, California voters approved Proposition 30, a measure that imposes two separate tax increases. A quarter-percentage-point increase in the sales tax will affect everyone who shops within the state, but the measure also included an income-tax increase for single filers earning more than $250,000 and joint filers with $500,000 or more in income. Proposition 30 will add 1 to 3 percentage points to the existing top tax bracket through 2018, sending the maximum tax rate up to 12.3 percent. And the tax hike was retroactive, so filers will have to pay higher income taxes on the returns
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