Proposition 30 raises.

• Position: FTBnews

Proposition 30 raises the personal income tax rate on individuals making more than $250,000 per year for the next seven years. The income tax changes apply retroactively to all income earned or received since Jan. 1, 2012. For tax year 2012, the maximum individual tax rate is 12.3 percent. If the income exceeds $1 million, there is an additional 1 percent mental health tax bringing the top rate to 13.3 percent. The maximum Alternative Minimum Tax rate (AMT) for individuals remains at 7 percent.

The 2012 corporate tax rate is 8.84 percent for corporations other than banks...