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Thursday, August 28, 2008

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? 

Comments

1yr7kn.gif

Kevin on August 28, 2008 at 07:41 am

What a great idea to fill California with nothing but slackers right before we give it back to Mexico.


What’s going to happen to US industry when the global warming extremists like John McCain double the price of electricity?  I would think all these factories will close and set up in countries where they aren’t scared of technology.


The Whistler's signature
The Whistler on August 28, 2008 at 07:43 am
Avatar for Michael K.

I hope it passes! Nothing could be better for conservatives than having liberals actually implement their plans.

Michael K. on August 28, 2008 at 07:48 am

Spell check, isle nine… spell check, isle nine.


Fileitunder.com

Hoodlumman on August 28, 2008 at 07:56 am

California, Sweden. DO they speak Swedish over there yet?


Yun Chu said, “You must strictly not express in words what is very significant. Both dragon and snake are killed in one blow.”

Sparkie Arbuckle on August 28, 2008 at 08:04 am

Hoodlumman,

Thanks four pointing owt that I didn’t prufe reeed that befour I posted it.


The future ain’t what it used to be.....

Pilgrim on August 28, 2008 at 08:21 am
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spell check, isle nine.

Only using the Professor’s Coconut Spell Checker! (The rest are on aisle twelve!)



Better to have it and not need it than need it and not have it.
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Proof on August 28, 2008 at 08:24 am

Those were the days!

Zsa Zsa on August 28, 2008 at 08:31 am

No snob-ism, intended, Pilgrim.  I’m not a perfect speller either.  But this one has enough to comment on - I liked ‘belld’ for ‘bleed’.

Still got an ‘L’ missing from ‘believe’.  :D


Fileitunder.com

Hoodlumman on August 28, 2008 at 08:59 am

Being a published author Pil doesn’t need to worry about things like speeling.


What’s going to happen to US industry when the global warming extremists like John McCain double the price of electricity?  I would think all these factories will close and set up in countries where they aren’t scared of technology.


The Whistler's signature
The Whistler on August 28, 2008 at 09:12 am

(that was on purpose BTW.)


What’s going to happen to US industry when the global warming extremists like John McCain double the price of electricity?  I would think all these factories will close and set up in countries where they aren’t scared of technology.


The Whistler's signature
The Whistler on August 28, 2008 at 09:12 am

The lefties think all money belongs to them.


"Give the lefties a pile of money, and they’ll spend it buying votes.” - Rush Limbaugh on the “bailout”.

robert108 on August 28, 2008 at 10:42 am

Pilgrim, Hoodlumman always does stuff like that. He is such a brat! Somehow he can get away with it because he is so sweet & cute!

Zsa Zsa on August 28, 2008 at 10:45 am
Avatar for John D

Unfortunately this would only bring California into alignment with the tax law that was recently passed by the Congress.

An amendment was offered and passed that requires the assetts of anyone renouncing his U.S. citizenship to be taxed as income. That means if you have any U.S. investments you will have to pay tax on their market value even if you have not sold them.

California would just be following Washington DC’s lead.

John D on August 28, 2008 at 10:46 am

The lefties think all money belongs to them.

They have no concept of what it takes to become wealthy nor what you’d lose by wiping out any incentives.


What’s going to happen to US industry when the global warming extremists like John McCain double the price of electricity?  I would think all these factories will close and set up in countries where they aren’t scared of technology.


The Whistler's signature
The Whistler on August 28, 2008 at 10:49 am
Avatar for jpe

An amendment was offered and passed that requires the assetts of anyone renouncing his U.S. citizenship to be taxed as income.

How often does that happen, though?  FWIW, I wonder if the proposed CA exit tax would be constitutional.  Sure seems to burden the fundamental right of movement. (ie, the right to travel and move around the country.  It’s an unenumerated right [as is the right to privacy], that dates to the early 20th century.)

jpe on August 28, 2008 at 01:15 pm

It’s an unenumerated right…

Hardly.  It fits nicely under the “Life, Liberty and the Pursuit of Happiness” clause, I believe.  Nothing whatsoever to do with the imaginary “right of privacy”, which was used to sanction the abortion holocaust.


"Give the lefties a pile of money, and they’ll spend it buying votes.” - Rush Limbaugh on the “bailout”.

robert108 on August 28, 2008 at 01:21 pm
Avatar for Harry

I agree.  Tax all those Hollywood characters to the hilt.

Harry on August 28, 2008 at 04:20 pm

Harry: While that may seem emotionally satisfying, let’s not descend to the leftie level of using taxation for partisan political purposes.  What we really need to do is to reduce govt spending drastically by just doing it for the legitimate uses of govt, and leaving most of our earnings with us, where they will generate prosperity for the country.


"Give the lefties a pile of money, and they’ll spend it buying votes.” - Rush Limbaugh on the “bailout”.

robert108 on August 28, 2008 at 04:29 pm

I’m sure the California Teachers Association is behind this.

Wing Chun Geologist on August 28, 2008 at 05:36 pm

Along with the rest of the union members living off of taxpayers.

Kevin on August 28, 2008 at 07:13 pm
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