A California activist is trying to gather the 694,354 signatures needed to place a tax initiative on the ballot that would: Impose a new 35% income surtax (in addition to federal taxes and the existing 10.3% top state rate) -- 17.5% (on all of the taxpayer's income) when income exceeds $150,000 (single)/$250,000 (joint), and an additional 17.5% (again, on all of the taxpayer's income) when income exceeds $350,000 (single)/$500,000 (joint).
Impose a one-time 55% wealth tax on assets exceeding $20 million held by a California resident or held in California by nonresident.
Impose an exit tax of between 36.5% to 54.3% on both income and unrealized appreciation in asset values over $5 million when a resident dies or leaves California.
Poster Comment:
I think they should re-write this initiative to include a tax on the elderly who use walkers. They can't run from tax collectors.
And how about taxing the allowance money of kids under 18. They can't vote.
Maybe we can tax wire transfers to Mexico. Nah. Illegals can and do vote in California.