Bend Over...California Democrats Propose Raising Top State Tax Rate to 16.8% | Trap Shooters Forum

Bend Over...California Democrats Propose Raising Top State Tax Rate to 16.8%

Discussion in 'Politics, Elections & Legislation' started by PatMiles, Aug 2, 2020 at 9:58 AM.

  1. PatMiles

    PatMiles Well-Known Member

    Joined:
    Sep 26, 2011
    Messages:
    9,231
    California Democrats Propose Raising Top State Tax Rate to 16.8%

    [​IMG]


    California Democrats are planning to raise the state’s highest-in-the-nation tax rates even higher this month, hiking the top rate in the state to 16.8%.

    The San Francisco Chronicle reported Friday:

    A bill introduced in the Legislature this week would raise California’s top personal income tax rate — already the highest in the nation at 13.3% — to 16.8%, retroactively to Jan. 1.

    To take effect this year, the bill would need to be approved by two-thirds of the Legislature before they adjourn Aug. 31. The Senate Governance and Finance committee will hear testimony on the bill Monday morning, but won’t vote on it. It would need additional action to move forward.

    AB1253 would add a surcharge of 1% to incomes (joint or single) between roughly $1 million and $2 million, 3% on income between $2 million and $5 million, and 3.5% on income greater than $5 million, bringing the top rate to 16.8%. (The tax would actually take effect at somewhat higher incomes because of inflation adjustments.)

    The funds to be raised would not be earmarked for any specific purpose, but sponsor State Sen. David Chiu (D-San Francisco) said that the money could be used for “affordable housing, the homeless, child care and education,” the Chronicle reported.

    The state raised taxes on the wealthy to 13.3% in Proposition 30, which was sold by then-Gov. Jerry Brown to voters as being “temporary,” and necessary for education funding. Democrats extended those “temporary” taxes to 2030 with a ballot referendum, Proposition 55.

    The effects of the income tax hike were missed. Some high-income earners left the state, though not as many as critics predicted. Businesses continued to leave the state, but that was also the result of other factors, particularly the state’s regulatory environment.

    Democrats also raised gas taxes in 2017, defeating an effort to overturn the tax increase with Proposition 6 in 2018, which state Attorney General Xavier Becerra slapped with a deceptive ballot description that helped ensure the gas tax remained.

    Ya get's what ya voted for! ENJOY!
     
  2. Rick Barker

    Rick Barker Well-Known Member

    Joined:
    May 25, 2009
    Messages:
    28,534
    Highest earners are Hollyweird actors. producers, writers, directors and Silicon Valley lefties. I have no problem with this and I would think they whole heartily support the proposal.
     
    losclay thanked this.
  3. bambambam

    bambambam Member

    Joined:
    Dec 26, 2005
    Messages:
    103
    Location:
    Ohio
    Heck,crank rate to an even 20%.
     
  4. Don-mx3

    Don-mx3 Well-Known Member

    Joined:
    Mar 30, 2014
    Messages:
    5,895
    Location:
    So. Cal.
  5. losclay

    losclay TS Supporters TS Supporters

    Joined:
    Jun 4, 2017
    Messages:
    2,762
    The problem with these death by a thousand cuts tax hikes is there are so many in CA that either believe they are for the common good or can easily afford the incremental hikes. The recent gas tax for instance, the Attorneys or Dentists never feel the extra .10 cents per gallon increase at the pump. That said low wage earners the very ones these democrat overlords claim to champion are the most affected as higher taxes ultimately trickle down to every aspect of the economy. The real coupe de gras will be when these revenue devouring socialists overturn our prop 13 property tax protections a CA constitutional amendment long in their sights. Its coming.
     
  6. pcrannel

    pcrannel Well-Known Member

    Joined:
    Nov 6, 2015
    Messages:
    1,555
    I'm sure New York will not be far behind. The socialist tax and spend policies of Prince Andrew have bankrupted the state (long before Covid). They don't want to fix their budget or failed systems. They just need more money.
     
  7. Don Steele

    Don Steele Well-Known Member

    Joined:
    Jan 29, 1998
    Messages:
    3,726
    Location:
    Florida's beautiful E. Coast
    I happy to see California forcing responsibility for their own “ programs “ onto the backs of the very people who want those programs to exist.
    This little increase in the state tax ain’t gonna bother California’s wealthy libs at all.
     
    Leo and Rick Barker thanked this.
  8. jfoh

    jfoh Well-Known Member

    Joined:
    Jan 29, 1998
    Messages:
    1,152
    So you get 37% federal, 2.9% Medicare taxes, 16.8% California income taxes. Call it 57.4%. Then add on state sales tax 7.25 plus local which can add 2.25%if you buy anything, plus real estate taxes. Call it 70%. No wonder people move out of California as fast as they can just not to be taxed to death. I just wish they would leave their California views behind as well as the ridiculous taxes.
     
    Last edited: Aug 3, 2020 at 1:51 PM
    Leo and Don Steele thanked this.
  9. losclay

    losclay TS Supporters TS Supporters

    Joined:
    Jun 4, 2017
    Messages:
    2,762
    Sales tax in the Bay Area is 9.25%
     
    Leo thanked this.
  10. Rick Barker

    Rick Barker Well-Known Member

    Joined:
    May 25, 2009
    Messages:
    28,534
    And of course Kallyfornia has been regarded as the bellweather State, where other States look at to follow.
     
  11. darr

    darr Well-Known Member

    Joined:
    Jan 29, 1998
    Messages:
    2,760
    Many people with means have already left the state. They’re running the the tax base out of the state and can’t understand it.

    Darr
     
    Leo thanked this.
  12. Chicken 630

    Chicken 630 Active Member

    Joined:
    Jan 16, 2018
    Messages:
    629
    They just bring those crazy ideas with them wherever they go.

    Make them stay and pay
     
  13. BSAMX

    BSAMX Well-Known Member

    Joined:
    May 23, 2017
    Messages:
    3,960
    Location:
    Wherever United Flies!
    Because they only own homes there, they are not residents........oh and they keep their jets stored at SFO.
     
  14. Kizaru

    Kizaru Active Member

    Joined:
    Jun 26, 2019
    Messages:
    172
    Location:
    KY
    And this is their plan for the whole country.
     
  15. ahansom

    ahansom Well-Known Member

    Joined:
    Apr 29, 2016
    Messages:
    1,204
    Location:
    Santa Barbara CA.
    Not much of Hollywood takes place in CA anymore. There not stupid about money. Locations that used to be used to be filmed in CA are done out of state or out of the country, temporary production corporations are registered out of state or out of the country. There's a huge studio just south of the San Diego border. Remember the movie Titanic?
     
  16. Rick Barker

    Rick Barker Well-Known Member

    Joined:
    May 25, 2009
    Messages:
    28,534
    Resident or not, domiciled or not, earn money in California, you pay California State tax.
    Tax shelters and exemptions are what tax attorneys are all about. CA may not see increased revenues because if this tax increase, but the legislation makes the peons feel like the “wealthy are paying their fair share,” which is ridiculous thinking.
    ———————————-

    California Taxation of New Residents and Nonresidents
    CALIFORNIA TAXATION OF NEW RESIDENTS AND NONRESIDENTS
    DEFINITIONS RESIDENCY
    Residency is primarily determined by examining all the facts and circumstances of each particular case. Residency is significant because:
    • Residents of California are taxed on all income, regardless of source;
    • Nonresidents are taxed only on income from California sources; and
    • Part-year residents are taxed on all income while a resident and only on income from
    California sources while a nonresident. (R&TC §17014)

    A resident is any individual who is:
    • In California for other than a temporary or transitory purpose; or
    • Domiciled in California, but who is outside California for a temporary or transitory purpose.
    (R&TC §17014(a))
     
  17. slickhead

    slickhead Well-Known Member

    Joined:
    Jan 29, 1998
    Messages:
    1,357
    Location:
    West Tenn.
    Good!
    I pray for a earthquake!
     
  18. Don-mx3

    Don-mx3 Well-Known Member

    Joined:
    Mar 30, 2014
    Messages:
    5,895
    Location:
    So. Cal.
  19. Leo

    Leo Well-Known Member

    Joined:
    Jan 29, 1998
    Messages:
    6,017
    Location:
    Indiana, heart is still in Texas
    When I worked for Westinghouse, they closed down 2 large offices in CA. When I worked for Avery Dennison, they closed down offices and plants in CA. When I worked for Chrysler, they closed down some test facilities in CA. The power company stopped two electric power plants in the middle of Construct, never to be completed. This was all better than 20 years ago. California driving productivity out of their state is not a new phenomena, it has been a standard mode of operation for decades.