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In a move aimed at boosting state revenue and addressing budget shortfalls, California Governor announced today a series of new tax measures that will affect businesses and individuals across the state. The new taxes, which are set to take effect on January 1, 2026, are expected to generate an estimated $2 billion in additional revenue for the state.One of the key measures announced is a new tax on video streaming services, such as Netflix, Hulu, and Disney+. Under the new tax, these streaming services will be required to collect and remit a 5% tax on all subscriptions sold within the state. This tax is expected to generate approximately $500 million in revenue annually.Additionally, the state government is also introducing a new tax on ride-sharing services, such as Uber and Lyft. Drivers for these services will be required to pay a 1.5% tax on all fares earned within the state. This tax is projected to bring in an additional $300 million in revenue each year.Individuals earning over $1 million annually will also see an increase in their income tax rates, with the top tax bracket being raised from 13.3% to 15%. This measure is estimated to generate an extra $700 million in revenue for the state.Finally, the state government is implementing a new tax on sugary drinks, such as soda and energy drinks. A tax of 1 cent per ounce will be levied on these beverages, with the aim of encouraging healthier consumption choices and raising an estimated $500 million in revenue.While these new taxes are likely to be met with some resistance from affected industries and individuals, Governor has emphasized the necessity of these measures to address the state's financial challenges and ensure continued funding for essential services and programs.Overall, these new tax measures are expected to have a significant impact on California's revenue stream and will play a crucial role in addressing the state's fiscal concerns in the coming years. Citizens and businesses alike will need to prepare for these changes as they come into effect at the start of the new year.