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 ...
I support the right of initiative and referendum.
California for all of its problems at least has a lot more democracy than the state I live in.
Of course the stupid proposal outlined in this article will never pass, if it were ever to reach the ballot.
Guess you kissed the part about seizing assets if you leave. A lot of Hollywood types are rich enough to meet the 20 million dollar threshold.
Why don’t they just cut out all the mumbo-jumbo and send the IRS around to every house and demand their money. “Eencome tax? We don’ need no steekin’ eencome tax!!.”
**Do Diane Feinstein and Nancy Pelosi support the measure?**
Why NOT?? Most political types usually have a way of exempting themselves from the ruled that apply to the RABBLE!
This will create a great sucking sound in the CA real estate market, should it actually happen. Maybe those unemployed surf bums can actually own their own beach house. Will wonders never cease?
**California for all of its problems at least has a lot more democracy than the state I live in.
**
An Idea disliked by the Founding Fathers which is why we are a CONSTITUTIONAL REPUBLIC, and not a Democracy.
A DEMOCRACY IS ... 2 wolves and 1 sheep Voting on “What’s for DINNER”
As a citiazen of a State that borders California, I'm all for it. Probably too little, too late, though.
“The money raised would be used to eliminate the state’s budget deficit and for purchasing controlling shares in large corporations.”
Ahh so there it is, back door communism... state ownerhsip of private property..
However the Palin factor may have taught us something and that is out of nowhere one thing or person or push can turn the tide into a whole other reality and push back the flood waters that have been slowly drowning the regular people folks of California. Maybe it is time for us Californians to rethink this state and start shouting and moving with, "PALIN POWER!" We all know what that means now. We need to get back in touch with our BARRACUDA BALLS! :-)
Of course the stupid proposal outlined in this article will never pass, if it were ever to reach the ballot.
::::::::::
The Kalifornia Kommies know that they could never put this on the ballot. It will never be seen there. The radical left controlled legislature in our state will see to that. Such radical thinking is pure communism, ergo Marx and Lenin for example -— the forced, oppressive redistribution of wealth from the public to the government is their wet dream, and was always seen as a way to control the public.
Such insanity would bankrupt Kalifornia in short order. What is left in terms of businesses and taxpayers would vaporize and the state would be left with a population of illegals and retirees.
Socialism never survives because it cannot pay for itself. It always fails. The short-sighted radicals of today’s left are so invested in myopic, self-empowerment, they NEVER consider the consequences of their actions.
Let us hope this kind of insane, truly anti-American proposal will turn voter minds, such as they are, back toward reality and government accountability. All that was lost almost 30 years ago in Kalifornia when we lost our conservative government, again thanks to mindless voters.
Oh too cool. Confiscating private assets and using the money to purchase private companies!
Yes we can!!!
LMAO.
A republic is where the sheep has a gun
Maybe this is a plan to bolster the California real estate market.
Still laughing.....
While I have always hoped for this, I doubt there are very many that could pull it off. Do you have any more information about who is trying to do it? I can't picture anyone in Hollywood making the story about the pitfalls of socialism.
Nice to see socialism is not dead.
Get a friggin job, support yourself and your family, If you havent noticed this is a capitolist society, it is apparent you are unable to function, your personel issues are just that personel! move to a south American country and try this crap with them.
Who is John Gault?
**A republic is where the sheep has a gun**
I’ll have to borrow that ... best line I’ve heard since the Palin speech
As often as the left harps about Republican “tax cuts for the rich”, it’s about time they finally get around to taxing the rich. We’ll see how those rich Hollywood leftist elitists feel about having their wealth taxed for the very first time.
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