State Tax Rates to Be Indexed for...
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From Times staff and Wire reports
State Tax Rates to Be Indexed for Inflation: Millions of California residents whose taxable income was unchanged or increased only slightly this year will pay lower state income taxes when they file next year, state Controller Gray Davis announced. That is because tax brackets will be indexed 4.8% to account for inflation, he said. The state Franchise Tax Board, of which Davis is chairman, took the indexing action.
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