Meg Whitman - Exclude Capital Gains Income from California Income Tax

[NorCal Dude]

Originally Posted by Alexus

I don't believe anything that benefits the rich ever "trickles down." Fewer tax breaks for the rich do not translate to more jobs and more job opportunities for the non-rich, as the rich get richer. This is utterly absurd and it's very unfortunate that we live during a time when this type of Neanderthal economic "theory" is still being shoved in our faces by the Right. Whitman's solutions to the problems that plague this multicultural, progressive state, benefit only the privileged few. This Conservative Frankenstein doesn't give a damn about anyone else.

Instead of promoting policies that focus on the differences between us, she needs to do something her party cannot do: find solutions that emphasize the similarities among us and promote policies that facilitate parity. Pubs, rather then condemning the segment of the black race that is unable to find work or get off welfare, attack the system that put them there, you know, the one you perpetuate. Attack bigotry, don't pretend it doesn't exist while practicing it. Instead of condemning illegal latinos while hiring them to do your yards, find some mechanism to help them assimilate and become contributing members of the society as equals.

This idea is yet another indication that Whitman has no business running for office. She stinks and her supporters are absolutely clueless. Quite a shame in this day and age.

LOL

[Taboo2]

People who own their own business know how to reinvest their money so that they don't come out in the highest tax bracket. The truly wealthy don't own businesses, they work for them.

[mysticaltyger]

Originally Posted by BRinSM

CA isn't having trouble with keeping it's upper class residents, it's having trouble keeping it's middle class residents. if your household income is under $100k, the term capital gain is probably not even in your vocabulary.

I've never made more than 52K, but "captial gains tax" is part of my vocabulary. The fact that most people don't know or understand about capital gains taxes is a testament to the lack of financial eduation and the resultant rampant financial illiteracy that is the norm in the USA, which is true even among many smart, high income people. Granted, I haven't paid a lot of said tax over the years. I hate it most because of calculating it more than anything. Although I'd still have to calculate it for Federal taxes, so no time savings there.

In general, I think getting rid of the capital gains tax is a good idea. I know some will call me a fool, but I do believe lower taxes equals more jobs. The fact that the state has volatile revenues as a result of the capital gains tax is another reason to get rid of it. When times were good in the late 1990s, the state acted as if those captial gains taxes would roll in forever. We all know that didn't happen.

Now, IF, they would keep the capital gains tax, but put the money it generated in reserve for a rainy day, then I might be for it. But we know the state never saves for a rainy day, so it's a moot point.

[mysticaltyger]

Originally Posted by sonarrat

So we want Steve Jobs to pay nothing at all in taxes now? Because he only earns a $1 salary from Apple. The rest of his income is all taxed at the capital gains rate, which is better than nothing.

Actually, he still pays taxes. Ever heard of that 9.25% sales tax in Santa Clara County? I'm sure his consumption levels are more than 10x what the average person's is. I'm sure he pays plenty in property taxes as well.

[NewToCA]

Brown really starting to drive the focus onto this issue, looks like it will be one of his key themes the remainder of the month.

The rich being able to exclude much of their income from state income taxes if Whitman wins will likely be a key issue for him after all.