California Activist Wants To Tax Half Your Income - Then Tax You More If You Try To Leave
Can you beieve this?
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.
Intersting. Stay and let us bleed you dry, and if you try to leave for greener pastures we’ll take even more.
In the animated flick Finding Nemo there was a scene where the gulls were calling, “Mine! Mine!”, whenever some scrap came their way. Sounds a bit like the California government. doesn’t it?
I doubt this will pass. Even California politicians understand that this is the stuff revolutions are made of.
Don’t they?













