Income taxes: tax rates.

The Personal Income Tax Law imposes a tax upon taxable income at various rates depending upon the amount of that income. This bill would, for taxable years beginning on or after January 1, 2011, impose tax at the rate of 10.3%, instead of tax at the current rate of 9.3%, on taxable income over $500,000. This bill would include a change in state statute that would result in a taxpayer paying a higher tax within the meaning of Section 3 of Article XIIIA of the California Constitution, and thus would require for passage the approval of 23 of the membership of each house of the Legislature. This act provides for a tax levy within the meaning of Article IV of the Constitution and shall go into immediate effect.