Posted on 11/20/2011 8:16:51 PM PST by Steelfish
Billionaires, Insiders Plan To Place $10-Billion Tax Hike On 2012 California Ballot Acting as the Think Long Committee, they want to change the tax system to increase money for public schools and universities and for local governments.
By Anthony York, Los Angeles Times November 20, 2011 Reporting from Sacramento— Joining the battle over California taxes, a group of billionaires and political insiders say they will place a $10-billion tax increase on the November 2012 ballot.
The Think Long Committee, which includes Google Chairman Eric Schmidt, former governors Gray Davis and Arnold Schwarzenegger and Los Angeles philanthropist Eli Broad, says its proposal would provide $5 billion more for public schools every year and billions for public universities and local governments.
Although the group has prepared a report outlining its proposals, it has not taken the preliminary steps needed to place the ideas before voters. Members have not filed any potential initiatives with the state attorney general's office or created a campaign committee to finance such an effort. A spokesman for Think Long said those moves would come in the next couple of weeks.
The group's plan is based on a reshuffling of California's tax system. It would lower the state's personal income and sales tax rates and create a new levy of more than 5% on services that are not currently taxed, such as legal work or accounting.
(Excerpt) Read more at latimes.com ...
On the other hand, they could just pass the hat among themselves. But, that would mean actually giving some of their own money.
They will never pay a cent more in taxes, they’ll just pass it down to the other 49% that do through increased costs on goods and services but they DO get to feel good about it, gets the MSM off their backs and makes those opposed look bad.
It is not for the schools, it's for the teachers!
what a bunch of cheapasses, any billionaire worth his salt would demand at least 20...hey why not 50!?!? As long as you’re stealing, why not steal big?
I like the idea of taxing lawyers. Their industry is created, modified and operated by government. Without government, there would be no lawyers. Lawyers, apart from normal Americans, should be heavily taxed.
California, lol.
My guess is they all sent their children to expensive private schools. How much more $ are we going to throw at government education? Nobody ever asks how they spend the money they get now.
What makes you think ALL services would be included ? If the 5% rate was applied to all services it would amount to a $40B tax increase, not $10B.
This proposal’s purported intention is the same old vote-buying. Families making $45K paying NOTHING in income tax ? What is it about people that think government should be the one thing in life that’s “free” ?
Personally, I wish they WOULD extend the sales tax to ALL services as well as goods. At a 5% rate, it would make the Sales Tax generate $60B/yr. It would reduce the benefits of buying online and give local brick & mortar stores a boost. It would also allow the state Income Tax to be lowered to a flat 3% to generate $45B and eliminate the corporate Income Tax completely. That would be very pro-growth. Put a 50% tax rate on any government employee income greater than $100K and government pensions that exceed $50K.
Also: Nullify all state regulations and force them to start from scratch with business the priority. Require all school districts to offer vouchers for 50% of the per pupil cost they are spending. Require utilities and landlords to run credit and criminal background checks on applicants to scare away illegals.
It wouldn’t really take much to make California the best in the country again.
At 5%, the service tax would kill small businesses that can’t pass the cost on to the consumer. Large corporations won’t be affected.
Its an anti-competitive measure. If you’re a Fortune 500 company, this tax won’t affect you. But it could put a small mom and pop business out of business for good.
So much for creating new jobs and in the end it will raise far less revenue than advertised.
I’ve lived in Kalifornia my entire 50+ years, and I’m basically counting the days until I turn 62.5 and I can retire and get the hell out of here.
As much as I love my country, it’s going to get worse and in a few more years, I’ll be leaving to retire where the cost of living is much lower and much nicer.
As long as they only tax the billionaires, it’s okay with me.
You got it - unions.
Tax initiatives that hit everyone are dead on arrival.
A tax initiative that targets the so called 1% would no doubt pass, but then billions of dollars would leave the state.
When NJ under Corzine passed the “millionaire’s surcharge”, tens of billions in wealth left the state, it was estimated.
Good idea we can use the extra jobs here in Georgia.
Acting as the Think Long Committee, they want to change the tax system to increase money for public schools and universities and for local governments... includes Google Chairman Eric Schmidt, former governors Gray Davis and Arnold Schwarzenegger and Los Angeles philanthropist Eli Broad... based on a reshuffling of California's tax system. It would lower the state's personal income and sales tax rates and create a new levy of more than 5% on services that are not currently taxed, such as legal work or accounting.How about limo driving? Or ticket tearing? Or seat-filling? Or better yet, taxing the living sh!+ out of the overpaid ninnies in the entertainment industry, iow, Hollyweird?
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