Why shouldn't rich people in CA be taxed more? (Napa: middle-class, how much)

[AllenSJC]

California is home to 80 of the less than 400 billionaires in America, or just under 25 percent. In contrast, California has just over 10 percent of America's total population. California is also home to over 600,000 millionaires.

We have low commercial property tax rates in this state. The tax structure is very regressive, especially for working and middle-class Californians. Someone who makes $50,000 a year is in the same top marginal tax bracket as someone making over $950,000 a year.

Finally, state budgets have gotten SMALLER in real dollars in California in recent years, not bigger.

We are a wealthy state with lots of wealthy people. But where does that wealth come from? Why have the rich gotten so much richer, while the middle class and working class and working poor have been doing more for less?

Why can't we tax people like Larry Ellison or Mark Zuckerberg more? I find it impossible to believe that we have to make such draconian cuts to the budget, which are being implemented now by our current Governor and were started by our previous Governor, when there is so much personal wealth that is passed off and protected as "business growth."

[Charles]

Anybody that makes more than I do should be taxed more.
Anybody who makes less than I do should be taxed more.

Anything else would be unfair.

[Majin]

Originally Posted by AllenSJC

California is home to 80 of the less than 400 billionaires in America, or just under 25 percent. In contrast, California has just over 10 percent of America's total population. California is also home to over 600,000 millionaires.

We have low commercial property tax rates in this state. The tax structure is very regressive, especially for working and middle-class Californians. Someone who makes $50,000 a year is in the same top marginal tax bracket as someone making over $950,000 a year.

Finally, state budgets have gotten SMALLER in real dollars in California in recent years, not bigger.

We are a wealthy state with lots of wealthy people. But where does that wealth come from? Why have the rich gotten so much richer, while the middle class and working class and working poor have been doing more for less?

Why can't we tax people like Larry Ellison or Mark Zuckerberg more? I find it impossible to believe that we have to make such draconian cuts to the budget, which are being implemented now by our current Governor and were started by our previous Governor, when there is so much personal wealth that is passed off and protected as "business growth."

I can give you your answer in one simple picture:

http://www.treehugger.com/gop_climate.jpg (broken link)

[bhcompy]

Originally Posted by AllenSJC

Someone who makes $50,000 a year is in the same top marginal tax bracket as someone making over $950,000 a year.
"

But if they make $1million or more a year they are in a higher marginal tax bracket effectively with the 1% mental health services penalty for earning money.

[EscapeCalifornia]

So how much would you tax them? And how much do you think you could tax them before they took their income out of the state?

[Oerdin]

I seriously doubt most of the very wealthy will be giving up the Malibu beach houses or wineries in Napa for some crap farm house in Oklahoma or other tax avoidance haven.

[ferretkona]

That is what millionaires do with their money, pay the way to keeping it. They give large donations to elected officials who reciprocate with loopholes. The millionaire view it that we could do it as well so it is not wrong.

[EscapeCalifornia]

Originally Posted by Oerdin

I seriously doubt most of the very wealthy will be giving up the Malibu beach houses or wineries in Napa for some crap farm house in Oklahoma or other tax avoidance haven.

The more you tax them, the more incentive they have to "live" in another state and just "vacation" here.

[VLWH]

Originally Posted by Oerdin

I seriously doubt most of the very wealthy will be giving up the Malibu beach houses or wineries in Napa for some crap farm house in Oklahoma or other tax avoidance haven.

Most wealthy people have more than one home. Easy to move residency to another state and keep the Malibu house.

[upstatenykid]

because theyre the ones raging the american dream