Posted on 08/07/2020 12:25:09 PM PDT by KingofZion
More than a third of California’s 39 million residents are living at or near the poverty line, many of them lacking food security or decent housing or adequate healthcare. More than 150,000 are homeless. Adjusted for the cost of living, California has the highest poverty rate in the country.
But California also has more people on the Forbes 400 list of richest Americans than any other state. It has 165 billionaires and more than 80,000 tax filers with adjusted gross incomes over $1 million.
That astounding level of income and wealth inequality is the best, most compelling argument in favor of Assembly Bill 1253, which would raise personal income taxes on the state’s top earners. The bill, written by Assemblyman Miguel Santiago (D-Los Angeles), would have no effect on the 99% of Californians who earn less than $1 million per year, but sets a sliding scale of new income tax surcharges on those who earn more.
[barf removed] ***
The real question is a pragmatic one: Will they pay it or will they flee the state? ***
Californians with $1.5 million a year in taxable income would have to pay $5,000 extra. Taxpayers with $5 million would see an increase of $100,000. Those with $20 million would see an increase of more than $600,000. The state’s top marginal tax rate would rise to 16.8%. ***
California is home to more than a quarter of the country’s 623 billionaires. Is that happenstance? Coincidence? Of course not. It’s because California is where the jobs and industries are that make people rich. It’s because taxes are not the determining factor for most people about whether to live in California; they’re also likely to consider the state’s climate, ocean, business opportunities, universities and other quality-of-life amenities.
(Excerpt) Read more at latimes.com ...
Keep them there. We don’t want them. If they weren’t the wacko leftwing types they would have left years ago. KTFO!
*** MARXIST MANIACS ***
That’s not enough. If they really want to make a difference, double it. Then sit back and watch who leaves.
Soon they’ll be paying taxes in Colorado.
Unfortunately they will be voting here too. Which means their taxes will go up again.
Will it drive them out? Why would they stay? Why would anyone declare residency in CA? People with those kinds of resources can set up a nominal home in any number of far more tax-friendly locals. I’m sure they could find a way to spend enough time outside CA to avoid automatic residency.
Everyone has their breaking point. But, if people like CA that much despite the disintegration of some of its most beautiful cites, that's the voters' business. CA has already seen a net population loss, so who cares if a few more leave?
almost everyone who’s been at all successful is preparing to leave Californication, just as they are leaving New York
too much krap is too much krap
“Assemblyman Miguel Santiago”
Cool, huh?
You and your buddies break into the country next door, then set about looting the locals.
Only a Real American could think up something like that.
Hope the hyper rich are happy the slave population is about to go on a confiscation spree.
Maybe Zuckerpunk will just try to bribe him.
OK. Maybe the rich will not leave b/o taxes; but some people will. Eventually the population will be rich and poor...no middle class, no workers to do the building or repairs.
If they haven’t left by now, they’re too dumb for words.
The same is true for NYC.
Local, state and the feds are going to have one helluva cat fight over who gets the loot.
One would do well to remember that Venezuela used to be the most prosporous country in south America, and after the left got a hold of them it's now the poorest, where the citizens had to resort to things like eating their own pets for survival.
Don't be dissuaded... VOTE VOTE VOTE!
There will be no red states in ten years...well maybe two or three
Those that make North of 400k pay 50% of the income tax bill. Seems like a minority is discriminated against.
Will Hollywood be exempted?
I support this. 95% of these top earners are socialists.
I never understood the cheering here when liberals move out of blue states en masse.
” If they weren’t the wacko leftwing types they would have left years ago. KTFO!”
Yuhp, and that is exactly the reason they need to be taxed. It seems the more we cut the taxes of the wealthy the more left they became.
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