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 ...
This is the kind of thing tinpot dictatorships in latin America do.
Why should we be surprised?
Guess I won’t be working in Kalifornia anytime soon... if EVER!!
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!
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.
Wow, what’s next? A wall, barbed wire, and guards with dobermans and machine guns?
That is precisely what is next!!
That is precisely what is next!!
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!!!
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.
People should get of of Kalifornia now, while the getting is good!
bookmark
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.
Do Diane Feinstein and Nancy Pelosi support the measure?
**... 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!!”
I guess Kali has to pay for all those illegal aliens.
Paging Dagny Taggart - Dagny Taggart please pick up the white courtesy phone.
Anything this loony passes, and there will be a mass exodus out of California faster than you can say recall.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.