California Wants to Double Its Taxes

[JustAGuy1]

https://www.nationalreview.com/corn...ver&utm_content=top-bar-latest&utm_term=first

​

Jared Walczak of the Tax Foundation wrote a blog post yesterday with news that doesn’t seem possible: California — an already high-tax state — wants to double its tax revenue.
No matter how Walczak breaks down the proposed constitutional amendment, the numbers are astounding. It would increase the top marginal income-tax rate to 18.05 percent. That’s 7.05 percentage points higher than Hawaii, the next highest state, and 12.75 percentage points higher than the national median. It would increase taxes by an average of $12,250 per household. “All told, the new tax package is intended to raise an additional $163 billion per year, which is more than California raised in total tax revenue any year prior to the pandemic,” he writes.
It’s not just income taxes, though. The state wants to implement a payroll tax as well, with the top rate applying to taxpayers making only $49,990 in annual income. Currently, only Massachusetts and Nevada have payroll taxes that do more than fund unemployment insurance, Walczak writes, and Nevada has no individual income tax at all.
Walczak points out this oddity that would result from the way the payroll-tax proposal is written:

For instance, the payroll tax exempts employers with fewer than 50 resident employees, punishing small businesses for expanding and creating a meaningful tax cliff. Imagine, for instance, the overly simplified hypothetical of a company with 49 employees making $80,000 each. At 49 employees, the company has no payroll tax burden. Hiring one additional employee generates a tax bill of $90,000 — more than that employee’s salary!

The most insane part of the proposal, however, is a 2.3 percent gross-receipts tax. Only seven states levy gross-receipts taxes, which are especially harmful to economic growth because they are based on business revenue, not profits. Even if businesses lose money, they still pay the gross-receipts tax because they still made revenue, even though costs exceeded that revenue.

California Wants to Double Its Taxes | National Review

If the amendment to double tax revenue passes, California Democrats shouldn’t be surprised when people move to Arizona or Nevada.

www.nationalreview.com

Governed by idiots.

 

[beautress]

Oh, bwahaha, the CaliCommies have figured out the perfect solution for getting rid of American Patriots without killing all of them like other communist demons who murdered a hundred million under Mao and a secret but similar number from Lenin.

 

[Maxdeath]

You get what you vote for. California has always voted for crazy stuff. So now they get what they wanted all along. Imagine that.

 

[wamose]

What's next. They'll probably expect the smash and robbers to itemize their booty and pay taxes on it. But the real lunacy won't be the tax increases, it will be the new shit that the loons think the government should be providing.

 

[SassyIrishLass]

Like doubling down on stupid

 

[1srelluc]

I'll have a Coke.

NY, the ball is in your court.

 

[TroglocratsRdumb]

The idiot Democrats destroy their own tax base because of their greed.

 

[Bootney Lee Farnsworth]

Justice Sotomayor: How Are Unvaccinated Workers Different from Machinery Spewing Toxins? | National Review

​

Jared Walczak of the Tax Foundation wrote a blog post yesterday with news that doesn’t seem possible: California — an already high-tax state — wants to double its tax revenue.
No matter how Walczak breaks down the proposed constitutional amendment, the numbers are astounding. It would increase the top marginal income-tax rate to 18.05 percent. That’s 7.05 percentage points higher than Hawaii, the next highest state, and 12.75 percentage points higher than the national median. It would increase taxes by an average of $12,250 per household. “All told, the new tax package is intended to raise an additional $163 billion per year, which is more than California raised in total tax revenue any year prior to the pandemic,” he writes.
It’s not just income taxes, though. The state wants to implement a payroll tax as well, with the top rate applying to taxpayers making only $49,990 in annual income. Currently, only Massachusetts and Nevada have payroll taxes that do more than fund unemployment insurance, Walczak writes, and Nevada has no individual income tax at all.
Walczak points out this oddity that would result from the way the payroll-tax proposal is written:

The most insane part of the proposal, however, is a 2.3 percent gross-receipts tax. Only seven states levy gross-receipts taxes, which are especially harmful to economic growth because they are based on business revenue, not profits. Even if businesses lose money, they still pay the gross-receipts tax because they still made revenue, even though costs exceeded that revenue.

California Wants to Double Its Taxes | National Review

If the amendment to double tax revenue passes, California Democrats shouldn’t be surprised when people move to Arizona or Nevada.

www.nationalreview.com

Governed by idiots.

Alright, LOOK people. We can't take EVERYONE. One of you other states take up the slack and handle some of these Commiefornia refugees.

 

[Dont Taz Me Bro]

Oh, please do. Let the rest of the nation see what an unmitigated disaster this will be, so maybe we can finally put this discussion to rest once and for all.

California weighing proposal that could double its taxes

California lawmakers unveiled a new bill at the beginning of the year that would establish a single-payer health care system – an ambitious plan that would be funded by nearly doubling the state's already-high taxes.

www.foxbusiness.com

 

[The Original Tree]

The DemNazis have invaded our country and are engaging in a bloodless insurrection of our Democracy.

It's an Information War being waged on the American people and our children.

Californians may choose to reject their Chi Comn Rusky Overlords.

 

[1srelluc]

OK, is this the doubling they are proposing for a proposed CA "single point healthcare" system I read about yesterday or a doubling of what is in the OP.....I'm starting to get confused.

California Considers Doubling its Taxes