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California Activist Proposes Wealth Tax and Probably Unconstitutional Exit Tax
Tax Policy Blog ^ | August 25, 2008 | Joseph Henchman and Paul Galindo

Posted on 09/05/2008 12:21:19 PM PDT by BookmanTheJanitor

Earlier this month, a California activist began gathering signatures to put a state wealth tax on the ballot. The measure would impose a new 35% income surtax (in addition to federal taxes and the existing 10.3% top state rate), and penalize people who leave the state by seizing 55% of assets exceeding $20 million. The money raised would be used to eliminate the state's budget deficit and for purchasing controlling shares in large corporations.

The 17.5% surtax is unusual because it would be on a taxpayer's total (not marginal) income whenever it exceeds $250,000, with another additional 17.5 percent tax on total income (for a total additional 35 percent tax) whenever it exceeds $500,000. In the case of single taxpayers or taxpayers filing as head of household, these additional taxes would be levied on incomes greater than $150,000 and $350,000 respectively taxpayers with income exceeding $150,000 if single, $250,000 if married;

- Imposes additional 35% tax if incomes exceed $350,000 if single, $500,000 if married; - Requires State to acquire shares of specified corporations (i.e. GM, Ford, ExxonMobil, etc.) to influence environmental practices.

(Excerpt) Read more at taxfoundation.org ...


TOPICS: Business/Economy; Government; US: California
KEYWORDS: callegislation; exittax; govwatch; taxes
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didn't see this posted yet. Nice to see the spirit of Marx alive (ughh)
1 posted on 09/05/2008 12:21:21 PM PDT by BookmanTheJanitor
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To: BookmanTheJanitor
The measure would impose a new 35% income surtax (in addition to federal taxes and the existing 10.3% top state rate), and penalize people who leave the state by seizing 55% of assets exceeding $20 million.

This is the kind of thing tinpot dictatorships in latin America do.

Why should we be surprised?

2 posted on 09/05/2008 12:23:27 PM PDT by skeeter
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To: BookmanTheJanitor

Guess I won’t be working in Kalifornia anytime soon... if EVER!!


3 posted on 09/05/2008 12:24:24 PM PDT by gwilhelm56 (Orwell's 1984 - to Conservatives a WARNING, to Liberals - a TEXTBOOK)
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To: BookmanTheJanitor

If this goes through, it will be interesting to see how many left winger Hollywood types move the hell out of CA.

Liberal until it hits you in the wallet!


4 posted on 09/05/2008 12:24:28 PM PDT by Slapshot68
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To: BookmanTheJanitor

Re: “penalize people who leave the state by seizing 55% of assets exceeding $20 million.”

Then they should send the assets beyond the reach of the state before they leave and, when the state tries to collect, give it the one-fingered salute.


5 posted on 09/05/2008 12:24:35 PM PDT by Winged Hussar (http://moveonpleasemoveon.blogspot.com/)
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To: BookmanTheJanitor

Wow, what’s next? A wall, barbed wire, and guards with dobermans and machine guns?


6 posted on 09/05/2008 12:25:27 PM PDT by AmericaUnited
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To: AmericaUnited

That is precisely what is next!!


7 posted on 09/05/2008 12:26:28 PM PDT by Maine Mariner
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To: AmericaUnited

That is precisely what is next!!


8 posted on 09/05/2008 12:26:29 PM PDT by Maine Mariner
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To: BookmanTheJanitor

This is Stalinism at its best. It will be challenged. The IDIOT LIBERAL VOTERS of Taxifornia just keep voting these Marxists back into power and they just keep getting more radical because the people ARE STUPID and they don’t stop them.

Thank You liberal voters, you fools!!!


9 posted on 09/05/2008 12:26:38 PM PDT by EagleUSA
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To: BookmanTheJanitor

A good argument for moving jobs, and taxpayers, out of California. We will be glad to have the high-wage workers (less than 4% state flat tax plus 1-1.5% local wage tax) in Pennsylvania, as well as the jobs that go with them.


10 posted on 09/05/2008 12:26:57 PM PDT by Winged Hussar (http://moveonpleasemoveon.blogspot.com/)
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To: BookmanTheJanitor

People should get of of Kalifornia now, while the getting is good!


11 posted on 09/05/2008 12:27:04 PM PDT by A.Hun (Common sense is no longer common.)
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To: bamahead

bookmark


12 posted on 09/05/2008 12:27:23 PM PDT by bamahead (Few men desire liberty; most men wish only for a just master. -- Sallust)
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To: BookmanTheJanitor

Its just BS from the usual weirdos, grandstanding because the legislature can’t do anything about Prop 13 supermajority requirements to raise taxes.

They’ve tried to just plain repeal Prop 13 - failed. This is just the same with extra whackjob sauce. No way, won’t happen.


13 posted on 09/05/2008 12:28:47 PM PDT by buwaya
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To: BookmanTheJanitor

14 posted on 09/05/2008 12:29:06 PM PDT by AmericaUnited
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To: gwilhelm56

Do Diane Feinstein and Nancy Pelosi support the measure?


15 posted on 09/05/2008 12:29:22 PM PDT by Perdogg (Maverick - Barracuda 2008)
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To: skeeter

**... and for purchasing controlling shares in large corporations. **

WOW ... using NAZI monetary policy to employ a Capitalistic method of instituting Socialism.

Karl Marx is rolling in his grave saying ... “WHY didn’t I THINK of THAT!!”


16 posted on 09/05/2008 12:29:30 PM PDT by gwilhelm56 (Orwell's 1984 - to Conservatives a WARNING, to Liberals - a TEXTBOOK)
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To: BookmanTheJanitor

I guess Kali has to pay for all those illegal aliens.


17 posted on 09/05/2008 12:29:49 PM PDT by CodeToad
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To: BookmanTheJanitor
I heard that someone was starting to make Atlas Shrugged into a movie but I didn't realize they were pursuing this in real life. It will be interesting to see what the Hollyweird liberal set will do if something like this were to actually get imposed. Maybe they'll all use the excuse that with a McCain-Palin winning ticket they'll all want to move to France (or maybe the Cayman Islands). High marginal tax rates can have that "incentive" value.
18 posted on 09/05/2008 12:30:20 PM PDT by ReleaseTheHounds ("The demagogue is one who preaches doctrines he knows to be untrue to men he knows to be idiots.")
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To: BookmanTheJanitor

Paging Dagny Taggart - Dagny Taggart please pick up the white courtesy phone.


19 posted on 09/05/2008 12:30:35 PM PDT by NY.SS-Bar9 (DR #1692)
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To: BookmanTheJanitor

Anything this loony passes, and there will be a mass exodus out of California faster than you can say recall.


20 posted on 09/05/2008 12:30:43 PM PDT by Desdemona (On top of everything else, the Palin pick coaxed this FReeper out of posting and pinging retirement.)
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