OTHER NEWS - Dec. 15, 1992

1992 California Personal Income Tax Rates Adjusted: Personal income tax brackets in California will be indexed by 3.6% for the 1992 tax year, the Franchise Tax Board announced. Under the revisions, 1992 personal income taxes will be lower for Californians whose taxable income remained unchanged from 1991. For example, a married couple with two children whose adjusted gross income for both 1991 and 1992 was $25,000 will pay $67 in 1992, as opposed to $82 in 1991--a reduction of $15. Taxpayers whose income increased and basically kept pace with inflation will pay about the same amount of taxes as last year. Indexing adjusts tax rates and certain credits to ensure that additional taxes are not paid from year to year due solely to inflation.