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Apparently they are bringing this as one of our initiatives this November. The justifications for the proposal (which I clearly and adamantly oppose) are pretty interesting:
- The concentration of private wealth in the hands of the few is inconsistent with the tenets of a democratic society
- Staggering sums of wealth have come to be concentrated in the hands of a tiny percentage of the population coinciding with growing poverty for tens of millions of persons. declining living standards and worsening economic security for tens of million more
- Coincident with massive wealth transfers has been the ongoing destruction of the global environment, including the destruction of fisheries, oceans, glaciers, sea life, forests and the global ecosystem
- Massive concentrations of financial power have fueled the globalization of the American economy, undermined America's traditional manufacturing, industrial and agricultural strength and substituted a class of money changers and speculators.
- The concentrated financial power has wholly undermined free democratic institutions, created a new breed of public office holder wholly beholden to its power and reduced America to a debtor nation and a nation of debtors.
- This act proposes to restore a measure of balance in wealth between persons living in California, to salvage the global ecosystem from ongoing destruction and to restore public supervision and influence over the nation's largest financial institutions.
So, we confiscate 55% of all money over $40 million, seems like they are planning for an Obama victory.
The state levies a personal income tax (PIT) on the California income of individuals and noncorporate businesses, such as sole proprietors and partnerships. The rates of the tax range from 1 percent to 9.3 percent, depending upon the taxpayer’s income level.
...
The measure imposes an additional tax under PIT for joint-return taxpayers equal to 17.5 percent of their total taxable incomes if greater than $250,000, with an additional tax of 17.5 percent (for a 35 percent total additional tax) on incomes greater than $500,000. For single taxpayers, these additional taxes would be applied to incomes greater than $150,000 and $350,000, respectively.
Okay, let me see if I understand their intentions. A single person making $149,000 would be taxed 9.3% by the state, along with 28% by the Fed. Earning an additional $1,000, a single person making $150,000 would be taxed 26.8% (9.3% + 17.5%) by the state and 28% by the Fed.
If that person earns $350,000 or more, then the state tax would be 44.80% (9.3% + 35.5%) and Federal would be 33%.
If my logic is correct, then adjusting for state and federal schedules:
Taxpayers making $150,000 filing SINGLE:
Current schedule net income: $94,050
Proposed schedule net income: $67,800
Taxpayers making $349,000 filing SINGLE:
Current schedule net income: $201,373
Proposed schedule net income: $140,298
Adding just $1,000, taxpayers making $350,000 filing SINGLE:
Current schedule net income: $201,950
Proposed schedule net income: $77,700 <<<<<
If you're looking at couples filing JOINTLY under this new schedule, those that claim $250,000 would take home $100,500. Those that claim $500,000 would take home $101,000.
If this is true, how do these planners expect people in these tax brackets to handle their existing expenses? People generally live to their means and those that have accomodated to their incomes would be financially crippled if their take home pay was slashed by an extra 17% or 35%. Could you imagine being used to having a take-home pay of $200,000 and have it cut back to $78,000? What would happen to the mortgage? Credit card debt and auto loans? This is insane.
A true democracy are two wolves and a rabbit deciding what's for lunch.
I know there's a lot of criticism for Californians but keep in mind that their educational system really sucks - they have some of the lowest test scores in the country. You can't expect them to understand the error of their ways if their primary basis for voting decisions is their emotions (because facts would be too hard to understand). If one knows nothing about economics/business/money then it's easy to vote for initiatives that takes a disproportionate amount of money from the "haves."
btw - 150K a year is NOT rich by California's standards - it's a middle class income.
I've lived in California most of my life, but luckily for me, I was educated outside of this state - which, I believe, spared me from seeing the world from such a narrow-minded perspective that this state seems to hold dear.
Last edited by mommabear2; 08-09-2008 at 11:29 AM..
Reason: typo
I can't even begin to tell you how glad I am that I left California.
We're glad you left too ...
Why are you guys getting so worked up over something that doesn't even affect you and ...
Probably isn't going to happen anyway?
I'm constantly amazed at people who left and, who constantly complain about this state. Especially when they complain about mere proposals that never become reality anyway.
Don't you guys have better things to do? Or ... is the Nevada summertime heat getting to you?
Oh well ... I'll be enjoying the cool breezes hiking on the California coast today. I love this state.
California has enough budget problems without trying to buy out comapnies by owning stock.Its going to take more than a tax on the weath to solve those problems.Want to bet it will be hidden in raising different stae fees ;so the property owners don't see it has much.
Are you? And are you sure you speak for all Californians?
When I chose to leave, I brought five people with me, as well as two businesses, and all the tax revenue that goes with them. I'm also continuing to pull lots of money out of California as most of the customers of one of our businesses are companies that are still there.
With California having a net loss in population in recent years and a $16,000,000,000 (and climbing) budget deficit, maybe you should put aside your snide, elitist attitude and start thinking about the trouble your state is in and what you can do to KEEP people like me from leaving.
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Why are you guys getting so worked up over something that doesn't even affect you and Probably isn't going to happen anyway?
I agree that it isn't likely to pass, but let's assume that it does for a moment. You don't think it'll affect me? You don't think it'll affect the entire country? You're very, very naive.
Yeah, you can bet your bottom dollar (if they leave you with one) that it'll affect me.
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I'm constantly amazed at people who left and, who constantly complain about this state.
I don't doubt that you're amazed by lots of things.
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Especially when they complain about mere proposals that never become reality anyway.
Whether this passes or not isn't the point. Personally, I doubt that it will. The problem is that it was proposed at all.
It isn't just some whacko ultra-liberal citizen proposing this - this has been introduced by Alexandra Gallardo-Rooker, First Vice-Chair of the California Democratic Party. This was put forward by someone elected to a very high position in the party that effectively controls the state. You really don't see a problem here? This is someone with real power trying to pass a law that is very obviously an attempt to make a giant leap in the socialization of the state.
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Don't you guys have better things to do? Or ... is the Nevada summertime heat getting to you?
I'm lovin' it. It's like Woodland Hills, but without the humidity. Awesome.
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Oh well ... I'll be enjoying the cool breezes hiking on the California coast today.
That's nice. I was enjoying the cool breezes hiking in the Spring Mountains last weekend.
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I love this state.
I love the state of California, too. It's the people and the things they do that make up the reasons I left. People like you and your eletism, and Rooker (and the rest of the Democrats controlling the state) and her obvious attempt at socialism. In the end, it was the political atmosphere that drove me (and the revenue that my family and businesses generate) away.
Enjoy living in your socialist paradise. Let me know when they get that budget balanced, and how much more of your income you had to "donate" to make it happen. Oh, did I mention that Nevada has no state income tax?
.... maybe you should put aside your snide, elitist attitude and start thinking about the trouble your state is in and what you can do to KEEP people like me from leaving.
And maybe you need to find better things to do with your time.
Seriously ... I do want people like you to leave. If you have nothing better to do but waste your time bashing this state over something that you readily acknowledge isn't going to happen anyway ...
And maybe you need to find better things to do with your time.
Seriously ... I do want people like you to leave. If you have nothing better to do but waste your time bashing this state over something that you readily acknowledge isn't going to happen anyway ...
Sorry but, California is better off without you.
Typical California response. That is, make personal attacks, converse about the fluffy and irrelevant. Ignore all context of the conversation and then conclude with some accusation about how any question to your position is a waste of time.
Carry on Cali! Oh, and when you run into that wall, suck it up and don't come running to the Feds to save you. Your special, you're better, you're wonderful, it would be beneath you to ask for help right? Instead, the good ole California way is to take help. That is, you don't ask, you don't seek, you beat down like a criminal thug and take what you want. Toodles!
And maybe you need to find better things to do with your time.
Seriously ... I do want people like you to leave. If you have nothing better to do but waste your time bashing this state over something that you readily acknowledge isn't going to happen anyway ...
Sorry but, California is better off without you.
Wow. Thank you very, very much. I couldn't possibly have put forth a better argument for what's wrong with California than you did with your last post. You've proven my point better than I ever could have - thank you again.
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