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California definitly have to reform its dysfunctioal abnormal and unbalaced tax system with its dependence on its regressive unevenly levied property taxsystem but wealth tax seems unecsary.
California is a state for wealthy even if they have to pay high income taxes their housing and property is hoevwer heavely subsdized by lower income Californian taxpayers.
Imagine how much more tax money the state would bring in if the millions of illegal aliens paid state income taxes.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,756,161 times
Reputation: 3587
Quote:
Originally Posted by Neuling
I think wealthy Californians should be so happy to live where they live that they should readily help their state wherever they can.
A broke California is still much more attractive than a blossoming Oklahoma or Texas or South Dakota
South Dakota is quite a beautiful place but the winters there are horrific.
IMPOSES WEALTH TAX. INITIATIVE CONSTITUTIONAL AMENDMENT AND STATUTE. Imposes one-time tax of 55% on certain real and personal property in California exceeding $15 million if single, $20 million if married. Imposes one-time tax of up to 54.3% on income exceeding $5 million when resident dies or leaves California. Imposes additional 17.5% tax on total incomes exceeding $150,000 if single, $250,000 if married; 35% if incomes exceed $350,000 if single, $500,000 if married. Creates tax credits. Requires State to acquire shares of specified corporations for purposes of influencing environmental practices. May exempt new revenues from education funding requirements. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government:
One-time increase in state revenues potentially in the low hundreds of billions of dollars from imposition of a wealth tax, and ongoing increase in state revenues potentially in the tens of billions of dollars from imposition of the tax on certain people dying or leaving the state and from the higher personal income tax rate on upper-income taxpayers. Of the increased revenues, $25 billion during each of the first three years and $10 billion a year thereafter would go to state general purpose funding. Remaining revenue would be allocated to accomplish various goals including purchasing the common stock of various weapons, petroleum, automotive, media and financial companies. Unknown state and local revenue reductions—potentially in the tens of billions of dollars annually—due to changes in taxpayer behavior.
I'll bet the hypocritical Hollywood liberal elites are busy hiding as much of their wealth as possible.
I'll bet the hypocritical Hollywood liberal elites are busy hiding as much of their wealth as possible.
I wish there could be an official boycott of their movies, I can't stand to look at their beautiful and handsome faces anymore because of their pea sized brains.
(1) To purchase at least 50% of the outstanding voting stock of Exxon Mobil
Corporation.
(2) To purchase at least 50% of the outstanding voting stock of Chevron Corporation.
(3) To purchase at least 50% ofthe outstanding voting stock of Co no co Phillips
Corporation.
(4) To purchase at least 50% of the outstanding voting stock of JP Morgan Chase
Corporation.
(5) To purchase at least 50% of the outstanding voting stock of Bank of America
Corporation.
(6) To purchase at least 50% of the outstanding voting stock ofCitigroup, Inc.
(7) To purchase 50% of the outstanding voting stock of Goldman Sachs Group, Inc.
(8) To purchase up to 80% of the outstanding voting stock of General Motors
Corporation.
(9) To purchase up to 80% of the outstanding voting stock ofthe Ford Motor
Company.
(10) To drain and restore the Hetch Hetchy Valley to its natural condition circa
the beginning of the 20th century.
The idea it appears is to gain control of the companies by purchasing stock with the tax money, liquidate them, and use those funds for renewable energy.
I wish there could be an official boycott of their movies, I can't stand to look at their beautiful and handsome faces anymore because of their pea sized brains.
Nobody's stopping you from watching European, Asian, or Latin American movies instead - if you did, you might actually have your cinematic taste widened...
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I have seen photos of it, looks a bit like the moon 
