Posted on 01/17/2022 9:49:38 PM PST by lowbridge
California lawmakers unveiled a new bill at the beginning of the year that would establish a single-payer health care system – an ambitious plan that would be funded by nearly doubling the state's already-high taxes.
A new analysis from the Tax Foundation, a non-partisan group that generally advocates for lower taxes, found that the proposed constitutional amendment would increase taxes by roughly $12,250 per household in order to fund the first-of-its-kind health care system. In all, the tax increases are designed to raise an additional $163 billion per year, which is more than California raised in total tax revenue any year before the pandemic.
The proposal includes three main revenue raisers, according to Jared Walczak, a fellow at the Tax Foundation: Higher income taxes on wealthy Americans, a payroll tax on certain employees' wages for large companies, and a new gross receipts tax.
Under the bill, the top marginal rate on wage income would soar to 18.05% – well above the median top marginal rate of 5.3% and the state's existing rate of 12.3%. There would be an 18-bracket system, with higher taxes kicking in for individuals earning more than $149,509.The highest rate would apply to those who earn more than $2,484,121.
Here's a closer look at how the tax system would be structured, based on individual income:
2.25%: $0
3.25%: $9,324
5.25%: $22,106
7.25%: 34,891
9.25%: $48,434
10.25%: $49,900
11.55%: $61,213
12.05%: $299,509
12.55%: $299,509
13.05%: N/A (for married couples, this applies to income of $599,013)
13.55%: $312,865
14.05%: N/A (for married couples, this applies to income of $625,371)
14.55%: $375,220
15.05%: $599,013
16.05%: $625,368
17.05%: $1,000,000
17.30%: $1,299,500
18.05%: $2,484,121
California would also expand the payroll tax paid by employees who earn more than $49,990 in annual income if they work for a company that has more than
(Excerpt) Read more at foxbusiness.com ...
Funny, we never hear of MedicAID going broke...hmmmm.
“Funny, we never hear of MedicAID going broke...hmmmm.”
I always thought in order to get Medicaid that you had to forfeit any real property that you owned upon your death. But I never saw a sale of property from this type of action. In PA the state has regular auctions of confiscated property from crimes. I guess the states manage the Medicaid program so maybe I just missed any auctions/sales for Medicaid related forfeitures.
Anyhow I always thought Medicaid wasn’t only funded by the taxpayers.
OMG! CA is driving out anyone who can get a job anywhere else.
And with restrictions on drugs given to combat COVID limiting therapeutics to “people of color” good luck getting treatment, even if you give all your money to these reprobates in Sacramento.
Why? The rolling blackouts will keep the lights off anyway,
Socialism is a bitch. Expensive too! My tagline is still in effect.
Mass movement of illegals to California.
Translation: California is going broke to pay for socialism induce a new fair share program.
It NEVER gets better here
It's already happening the past couple of decades. So California will have a large immigrant (illegal and legal) population with an elite living in gated communities. I guess that's what the Democratic Party in California wanted. One party rule. No pesky middle class folks challenging their absolute reign of the state.
In the US as a whole roughly 53% of adults pay no federal income taxes.
Wonder what the CA figure is.
So the job creators and average working people will have an even bigger burden. And think of the magnet effect for the world’s would-be immigrants.
But....
Newsom would probably get more than the 67% victory vote against a recall or an opponent next time. They love those taxes./S
Any time California officials put a price tag on what a proposal will cost, you can bet it will actually be ten times higher and more. That average $12,000 per household tax will actually be an average $100,000 per household. Only the homeless will remain in California.
Now I’m really, really wondering if Prince Harry is here on a type of visa that allows the Harkles to avoid paying US income taxes...
Once the State is the Payer, they will have a say in what healthcare is available to everyone in the system. Basically, they will become a "death panel", much like Obama envisioned. “Maybe you’re better off not having the surgery, but taking the painkiller”. I have zero doubt that CA will prioritize treatment based on race, sex, "social factors", and age. As the "single payer", I expect they will try to gain control of retired Californian's Medicare benefits.
And Newsom wants to be president. Lots of people on the left want him as potus, so he can push this on the entire country. Single payer will be his top issue, claiming he "successfully covered every man, woman and child in the largest state in the nation".
England has done this for decades, and my grandfather was denied cancer treatment and given painkillers because he was 80, and they wouldn't waste treatment on someone who had outlived their usefulness.
“Outlived their usefulness…” the ultimate “social credit” solution.
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