California: 55%+ "Wealth Tax", 400% increase in PIT
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I don't know a single person here in California who is itching to move away. Not one. This includes business people, artists, business owners and everyone in between. Yeah, California has issues...so does every single other state out there, and you have to decide what you're willing to compromise on and what you're not.
As it happens, I am itching to move away... CA used to be a good place to live and do business, but increasing costs and gov't interference, not to mention the proliferation of fruitcakes, have made it untenable for me.
That something as nuts as the "wealth tax" could get, what was it, 600,000 signatures? goes to prove the point. I expect if it had made the ballot, it would have gotten around 30-40% YES votes, even if it didn't pass. That's about the usual amount now for really wacko measures that don't pass... and don't forget, this is the state whose voters outlawed modern egg production.
As it happens, I am itching to move away... CA used to be a good place to live and do business, but increasing costs and gov't interference, not to mention the proliferation of fruitcakes, have made it untenable for me.
That something as nuts as the "wealth tax" could get, what was it, 600,000 signatures? goes to prove the point. I expect if it had made the ballot, it would have gotten around 30-40% YES votes, even if it didn't pass. That's about the usual amount now for really wacko measures that don't pass... and don't forget, this is the state whose voters outlawed modern egg production.
Our business is doing pretty well in California.
Although the 'fruitcakes' comment is interesting...what exactly do you mean by 'fruitcakes'?
And the Prop2 issues.... I can say that I was in support of that prop after being involved in the livestock and dairy industry for many, many years.
This would be above and beyond what they collect in state income tax.
That's a tax on ASSETS, not income...
What are they going to use this money for?
That's right. They want to use it to buy a controlling interest in Fortune 500 companies. That would mean that the state of California would effectively own Exxon Mobil, Chevron, General Motors, Citibank, etc...
Want to leave? Pay up. Died while you were here? Pay up.
They want to go from a 9.3% maximum income tax to a 35% max. That's nearly a 400% increase. Considering that $150k/year is not really a lot of money in places like Los Angeles, this is particularly troubling. $150k is a good salary, but would you put those people in the same category as the people with $40 million in assets?
What would the effect of this new bill be?
I can't even begin to tell you how glad I am that I left California. They're out of control and this is exactly the sort of thing that drove me away. I guarantee that if this makes it through the petition process and gets put on the ballot, you're going to see a mass exodus of money, businesses and people from the state.
The proposal in the OP seems quite reactionary, and I doubt it will pass, but I don't know a whole lot about California politics, aside from the political geography.
Any Californians have anything to say about CA Proposition 13? From what I understand, that's been a big issue for the state, yet it seems like something that would be quite popular among the posters in this thread.
The proposal in the OP seems quite reactionary, and I doubt it will pass, but I don't know a whole lot about California politics, aside from the political geography.
Any Californians have anything to say about CA Proposition 13? From what I understand, that's been a big issue for the state, yet it seems like something that would be quite popular among the posters in this thread.
Yes... Prop 13 is the only saving grace for many.
The voters of California did something the Legislature refused to do... Prop 13 benefits each and every property owner by providing a uniform framework through-out the State by making Taxes predictable and requiring voters to approve new taxes and limits annual increases to a maximum of 2%
It's that or a federal bail out. So we can let the Cali's pay their own bill or the rest of the nation pay it.
Quote:
Originally Posted by dunks_galore
The proposal in the OP seems quite reactionary, and I doubt it will pass, but I don't know a whole lot about California politics, aside from the political geography.
I started this thread two years ago...
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