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 ...
Where can we send donations to help build it?
Unless a wealth tax goes into effect the instant the vote count shows it to have won there is a period of time when it is known to be coming and has not yet arrived. California just might dewealthify in that time, be it a month or a year. Actually I would love to see it happen. We need an object lesson for any other states that might like to try that sort of inanity and as for California, well, it couldn’t happen to a nicer state.
Babs and Nancy will be forced to support the measure “for the peoples own good.”
We will still have a constitutional republic if we add initiative and referendum to the constitution. It will just function a lot better; think Switzerland.
The stupid proposal outlined in this article is used unreasonably to ridicule initiative and referendum, and it hasn’t even reached the ballot, let alone passed.
When I lived in Indiana some years ago a member of the legislature introduced a bill, in all seriousness, to change the value of “Pi” to 3.0. This absurd measure advanced to the floor, until someone noted that the Indiana Legislature had become the source of comedy routines in New York City. No matter what method of legislation you might wish to consider, someone can bring forth an extreme example to try to discredit it.
It get’s better...deeper into the potential initative, you notice that even residents making over $32,600.00 pay an additional $1,191.00 tax PLUS 9.3% on any income over that $32,600.00. There’s also taxes on people below the $32,600.00 line.
That should go over well.
LLS
I wish I could take credit for it. I heard that bon mot a long time ago, and it just stuck in my head.
It's hard to tell if this is a serious proposal, but either way it's going to expose the limosine liberals for the frauds that they are. We all knew it was only a matter of time before the left was going to turn on it's own dishonest rhetoric. We've seen it with the affirmative action presidential candidate Obama (re: Clinton supporters crying foul over racism charges) and we saw it this week when they turned on their own notions of feminism, sexism, and motherhood.
The rich liberal left in California is going to have to either make an argument against higher taxes or get out of the state, either way the the point about taxes being bad is made.
I hope this is an honest attempt by a communist nutcase and that California citizens and this country is forced to have an honest debate about taxes.
Why limit the tax on anything over $20 million. Why not just lower it to anything over $0.
Actually, in section 6 of his proposed initiative, the taxes start on taxable income over $3,650.00 per year at 1% and goes up steeply from there.
I'm starting to have my doubts about how serious a proposal it is. Huffingtonpost fundrace shows him to be a Ron Paul supporter. All past year searches of this guy's name (and listed as a CPA) in the LA area only show donations to Republicans. Lastly, if it's "wealth tax"...why start the tax on people earning $3,650.00 a year?
Correction to above post - I see what they did -they’re replacing the old tax levels w/ new “poor friendly” ones. At first I thought these were new additional taxes.
I have a 5 year plan that will fix everything.
In 5 years I will pay off all my property debt, and then I can leave this state, with much sadness because it is the place of my birth and my home all my life. But it’s beyond all recognition now.
About 2 years ago I was at the councilman’s office for a “party” - he was hosting an art exhibit for artists in his district and yes he is a democrat. I never heard more antisemitic comments at a single gathering in my life. Granted this was by the attendees not the councilman (who, ironically, is Jewish!) but some of the art was clear propaganda and it got the crowd riled up about Jews, Neocons (which, I firmly believe has become code for “jewish controlled government”) etc., etc.
I pray God will show me the way. I’m thinking South Carolina, Alabama, maybe Texas... or maybe France. In 5 years France could very well be to the right of us.
Exit tax. “Now yourself can’t leave “.
Now youse can’t leave.
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