Posted on 01/21/2018 7:46:18 PM PST by Liberty7732
California lawmakers are targeting the expected windfall that companies in the state would see under the federal tax overhaul with a bill that would require businesses to turn over half to the state.
A proposed Assembly Constitutional Amendment by Assemblymen Kevin McCarty, D-Sacramento, and Phil Ting, D-San Francisco, would create a tax surcharge on California companies making more than $1 million so that half of their federal tax cut would instead go to programs that benefit low-income and middle-class families.
(Excerpt) Read more at sfgate.com ...
This will get business moving.
Right out of California.
Those aholes tax everything that moves and then they tax everything that doesn’t!
Oh yes! I can hardly wait to see what the big leftists who run those companies have to say about it. If they are as committed to big government as they claim, then they should be thrilled to send in more money to the California Commies.
Kalifukya
This sounds un-Constitutional.
Confiscation. All the $$$$ would go down the black hole of Moonbeam’s train to nowhere.
I want all Democrat California politicians to donate half their brain to science. They can then call themselves “The Half-Wit” Caucus.
Oops, sorry. They are already half-wits. Then they can call themselves either “The Witless Caucus” or “The No Brains Caucus”. Either way is the truth.
Come on San Andreas Fault - do your thingy!
Absolutely !
California is a state that is in the last third of her book. Sadly, John Galt appears to have checked out early.
Here’s one to try. I am a builder in California and generate more than a million dollars in profits. Easy with cost of housing here. I incorporate a new company in Nevada, “The Stick it to the Dumb California Legislators” (TSITTDCAL Corporation) I bid jobs and they supply the materials for the job(s). Say I can buy windows at Home Depot for $100. TSITTDCAL Corporation charges me $200 for the same window. Matter of fact gets them from the same HOME Depot. I might be a great builder but a lousy businessman. In effect I move the profit to a Nevada corporation out of the greedy sweaty palms of California and their beloved illegals.
If merely the POSSIBILITY of this becoming law doesn’t cause any business that can’t exist elsewhere out of that place, it just might take an earthquake.
“Give us all of your money, the reconquista is not a cheap endeavor.”
-California state government.
Some businesses will be told - “Leave California or face a shareholder’s revolt.”
Velcome to Kalifornia! All You have is ours.
Now I really hope New California secedes from this mess. Although the Libs will probably end up running (ruining) it too!
Well weren't they just trying a lawsuit to legalize prostitution? Then they could tax it! They've legalized pot haven't they. they expect to make big bucks on that!
Maybe they could tax sex the same way they want to tax driving - by the mile. Shorter, quicker trips would cost less...
“Great idea. Let’s see Google, Apple, Facebook, etc. all rush to sign up for that.”
Not likely....Google, Apple, Facebook don’t care because they are structured as tax avoidance/evasion machines.
Google is actually a subsidiary of Alphabet inc. which is headquartered in the Cayman Island. Almost 90% of Google profits are hidden in this tax haven.
Apple is a subsidiary of Apple Holding which is based in The Islnd of Jersey, another tax haven.
Facebook is also HQ’d in the Cayman Island and “hid” almost $1 BILLION from the tax man.
The minute I read the emphasis of this....I sent off an email to the mayor of my hometown...urging him to pack up a crew this week and go to California to recruit businesses to move to his city (in Alabama).
I have zero doubt that if this passes through and is made official...you would see at least 20,000 jobs up and move by the end of 2018, and probably over 100,000 in 2019.
The problem here is that their revenue collection as it is right now....is marginal for the future survival of the state, and these gimmicks being cooked up to strengthen the pot? They will only succeed in taking jobs out of the state....collapsing the structure in a matter of two or three years. If they’d allow tax-savings to come back, then job growth would occur, and more folks would be employed, and paying taxes.
California following the Venezuela Economic Model.
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