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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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To: BookmanTheJanitor

The “pay as you leave” tax, IMHO, would not stand up to scrutiny as an imposition on freedom of movement between states - a constitutional issue.

Colonel, USAFR


41 posted on 09/05/2008 12:53:27 PM PDT by jagusafr ("Bugs, Mr. Rico! Zillions of 'em!" - Robert Heinlein)
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To: dashing doofus

Oh too cool. Confiscating private assets and using the money to purchase private companies!
::::::::
The Kalifornia Kommies are using HUGO CHAVEZ as their role model.....


42 posted on 09/05/2008 12:55:26 PM PDT by EagleUSA
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To: skeeter
This is the kind of thing tinpot dictatorships in latin America do.

Can't blame the politicians. After all, the same partisan nitwit voters keep the same nitwits in. Then these same nitwits complain. Real intelligent especially Hollywierd. Don't forget the wonderful liberals in San Francisco and LA.

43 posted on 09/05/2008 12:55:30 PM PDT by Logical me (Oh, well!!!)
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To: BookmanTheJanitor

taking away assets if one chooses to move is the same as conducting a prison system whereby no one in, no one out.

Why don’t the just get taxes from the illegals who do not pay income taxes. This would be billions.


44 posted on 09/05/2008 12:55:48 PM PDT by bestintxas (It's great in Texas)
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To: gwilhelm56

“An Idea disliked by the Founding Fathers which is why we are a CONSTITUTIONAL REPUBLIC, and not a Democracy.”

I respect experience over ideology, and experience has taught me that purely representative democracy has degenerated into a scheme for legalized bribery and malfeasance. Initiative and referendum is needed to give the people a direct check over their so-called representatives. Now, in the age of the internet, there is no reason not to extend initiative and referendum to the federal level. Of course if you admire the job being done by Nancy Pelosi and Harry Reid on our behalf, you are welcome to object.


45 posted on 09/05/2008 12:57:56 PM PDT by devere
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To: Slapshot68

Why do you think 80% of all TV shows are now filmed in Vancouver?


46 posted on 09/05/2008 12:58:13 PM PDT by pabianice
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To: InsensitiveConservative

**”Since this tax inhibits commerce and burdens the right to travel, it is probably unconstitutional.”**

**Won’t happen.**

Since when has Constitutionality ever stopped the 9th Circus??


47 posted on 09/05/2008 12:58:43 PM PDT by gwilhelm56 (Orwell's 1984 - to Conservatives a WARNING, to Liberals - a TEXTBOOK)
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To: Logical me
Hafta agree... the moronic majority in CA don't seem to get the "cause & effect" thing.

On the other hand, considering the size of CA's public sector, those who wish to take it over and those who benefit directly from it, maybe they do.

48 posted on 09/05/2008 12:59:25 PM PDT by skeeter
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To: BookmanTheJanitor

http://www.bridgestudios.com/credits.html


49 posted on 09/05/2008 1:01:48 PM PDT by pabianice
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To: Tenacious 1

http://www.imdb.com/title/tt0480239/

I knew some organizing had been done but I’m not sure if this is really getting done or not, but something to hope for.


50 posted on 09/05/2008 1:02:10 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

And this is why people are fleeing California for states like Colorado, Nevada, and New Mexico.

The problem is that many are liberals that will demand the same tax policies in their new states that screwed up their old states.


51 posted on 09/05/2008 1:02:33 PM PDT by DesScorp
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To: BookmanTheJanitor

I sure wish that would pass. It obviously has no chance whatsoever but it would be great to see the exodus from the state that would follow. The only thing left would be “Activists” and poor people.


52 posted on 09/05/2008 1:05:55 PM PDT by yazoo
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To: EagleUSA
The Kalifornia Kommies are using HUGO CHAVEZ as their role model.....

Workers revolt: Strike!! No more BLTs for the capitalist oppressors!!! Then seize the plantations.

LMAO.

53 posted on 09/05/2008 1:06:37 PM PDT by dashing doofus (Those who are too smart to engage in politics are punished by being governed by those who are dumber)
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To: BookmanTheJanitor
How unusual, a liberal demanding total government control, with them in charge.

Totalitarianism presented, once again, by the leftists.

54 posted on 09/05/2008 1:07:12 PM PDT by RJL
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To: devere

** ... Nancy Pelosi and Harry Reid on our behalf, you are welcome to object...**

The only objection is that, these two are the reason I have reconsidered my position on “TAR and FEATHERING”.

While a Constitutional Republic may have it’s problems, Direct Democracy with an UNDEReducated Populace, is what gives us the likes of Pelosi and Reid, and Purely Marxist referenda as the topic of this thread.!!


55 posted on 09/05/2008 1:13:45 PM PDT by gwilhelm56 (Orwell's 1984 - to Conservatives a WARNING, to Liberals - a TEXTBOOK)
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To: MeSpikeLibs
I would love to see that on the California Ballot. This would really expose the leftist agenda of wealth redistribution.

Exactly !!!

56 posted on 09/05/2008 1:15:56 PM PDT by Ouderkirk (I will not vote for Obama not because he is black, but because he is RED)
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To: BookmanTheJanitor

A California “Activist”

THat is the next level up from “Community Organizer.”


57 posted on 09/05/2008 1:20:22 PM PDT by PGR88
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To: BookmanTheJanitor

I don’t see the expected parody or satire markings.

Yet another economic genius


58 posted on 09/05/2008 1:26:37 PM PDT by jimfree (Dems beat up girls who don't toe the line.)
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To: AmericaUnited

Everywhere except the SOUTHERN BORDER!!!


59 posted on 09/05/2008 1:31:32 PM PDT by 17th Miss Regt
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To: gwilhelm56

It hasn’t but the U.S. Supreme Court spends much of its time overturning them.

Now come on over and bring your money. We have a lot of illegals we need to care for. :/


60 posted on 09/05/2008 1:32:33 PM PDT by InsensitiveConservative
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