In addition, existing California residents who stay are hit with a one-time tax of 55 percent on assets in excess of $20 million.
Libertarian ping! To be added or removed freepmail me or post a message here.
Posted on 08/27/2008 1:33:29 PM PDT by John Jorsett
Bookmark.
i did not know that i-10 went west into the pacific!
bump
bfl
What? Are you crazy?? They already gave at the border to the coyote!!!
I'm off to see the Bubba & Biden show... YUCK!!! ICK!!! EEEW!!! BARF!!!
If you want less of something, increase the tax on it. If you want more of something, lower the taxes on it.
Applying that logic, CA apparently wants more poor people with no assets and fewer successful people with assets.
Contrast bizzarre proposals like this one with the following:
1) Lower the Sales Tax to 5% but expand to all goods and services. (Would raise 70B in CA)
2) Replae progressive Income Tax that goes as high as 10.3% with a 3% Flat Income tax on individuals — with no exemptions. (Would raise 36B in CA)
3) Replace the Corporate Profits Tax with a 1% Gross Receipts Tax on CA Corporations. (Would raise 14B in CA)
So by taxing everybody equally and not punishing only success, a total of $120B tax revenue. Plus whatever the existing fuel, alcohol, tobacco, and utility taxes bring in.
Budget gap is closed, unsuccessful people and businesses no longer get a free ride, and there is extra to pay down all the bonds floating around out there and dig CA out of debt. The new Sales Tax rates and Income Tax rates would be lower than that in surrounding states and attract successful people and businesses to the state.
Libertarian ping! To be added or removed freepmail me or post a message here.
Are you knitting a list, à la Madame Defarge?
I have friends who moved out to California some 15 years ago. Very liberal, Palo Alto was their utopia. Bought a home, had jobs. A short time ago they came to realize that the taxation on their home, the environmental requirements on their property, everything was far too costly. So they sold the house and went to New Mexico. They plan on returning to California “when taxes and costs stabilize, after schwarzenegger is gone.” I suppose we all have our delusions.
:-) Half of them would be so dumb, they wouldn’t know they were going into the ocean! :-)
Oh I hope they do this! It would wreck the People’s Republic of California and be a case study of what liberalism does to an economy.
We’ve already had lots of case studies on what liberalism does to economies. Detroit, then all of Michigan...everywhere liberals are in charge... I feel sorry for the people left in CA if anything like this passes. I’m glad I and my family got out when we did!
Practically speaking, it would totally destroy the state's economy.
What would you say the chances of passage would be if it got on the ballot?
Has Schwarzenegger commented on this?
Another reason gold sales are booming! Yes, you can take it with you, tax free! At $1000 and oz (yes, it’s a little lower now but this makes the math easy) you would need 20,000 ozs to convert $20 Million in assetts to gold. Or 1,250 lbs of gold. No problem putting that in a full sized SUV or backseat of you Buick on the way to Reno for a ski trip.
Those nice gold bricks weigh 27.5 lbs each. You would only need 45 of them to exit your assetts.
I wonder if California will make gold illegal soon, like FDR, the great American fascist did?
These people are frickin’ nuts. When is somebody going to declare open season on liberal moonbats, with no bag limit?
4. Confiscation of the property of all emigrants and rebels. --the Communist Manifesto
This guy needs to be spanked repeatedly with a Milton Friedman book until he recants his position.
Move out of californistan now.
Hey, California: Atlas is Shrugging!
I love the threshold of $ 20 million.
When that isn’t enough the threshold will be lowered to $ 10 million.
After all who should have more than $ 10 million anyway, right?
The Second American Revolution is on the horizon.
I don’t knit, but I can sure darn things ta heck.
“Since Reagan the best thing to come out of California is I-10 West.”
I beg to differ. FReerepublic is the best thing to come out of California since the late, great President.
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