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Title: California Ballot Initiative to Impose 45% Income Tax, 55% Wealth Tax & 36%-54% Exit Tax
Source:
Tax Prof
URL Source: http://taxprof.typepad.com/taxprof_blog/2008/08/california-acti.html
Published: Aug 27, 2008
Author: Paul Caron
Post Date: 2008-08-27 12:13:14 by Horse
Keywords: None
Views: 174
Comments: 7
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.
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#1. To: Horse (#0)
If it kills Magic Mountain, I'm all for it.
They say they are for "diversity". What they really are for is slavery.
WTF...just who would this "activist" be, some kind of stealth-banker?
Actually, bankers would be subject to this tax and would therefore oppose it. Obviously some dreamer believes that I&R can be used to sneak up on the wealthy and strip mine their personal holdings, and that can't happen ever in The US. Our wealthy socialists will see to that.
I don't know what's worse, the outright theft this represents, or the fact that there probably are 700,000+ complete morons in this state that would sign that ballot initiative petition... Though come to think of it, if something like this passed it would probably be a good thing, the state would go to third world status overnight from the exodus of people with money and brains, and the example set so abruptly might knock some sense into the rest of the starry eyed fools in this nation...
Government blows and that which governs least blows least...
Highly unlikely he could get the required number of signatures. It would cost over a $million.
are you getting out soon?
Do You Know What Freedom Really Means? Freedom4um.com
I have to get my other career going before I can leave. I need to be able to work overseas or somewhere outside Silicon Valley but inside the USA (i.e. far away from La Raza.) When, not if, the dollar collapses next year, California and lots of other places in America will be unlivable.
The Truth of 911 Shall Set You Free From The Lie
#2. To: Horse (#0)
A California activist...
#3. To: CadetD (#2)
WTF...just who would this "activist" be, some kind of stealth-banker?
#4. To: Horse (#0)
#5. To: Axenolith (#4)
***if something like this passed it would probably be a good thing, the state would go to third world status overnight from the exodus of people with money and brains, and the example set so abruptly might knock some sense into the rest of the starry eyed fools in this nation...
#6. To: Horse (#0)
#7. To: christine (#6)
are you getting out soon?
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