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California Legislators Propose 0.4% Wealth Tax, Plus 16.8% State Top Income Tax Rate


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2020 Sep 22, 5:14pm   756 views  28 comments

by Patrick   ➕follow (55)   💰tip   ignore  

https://www.forbes.com/sites/robertwood/2020/08/17/california-proposes-168-income-tax-rate-plus-4-wealth-tax/

Most people these days are still reeling from the pandemic. The IRS and state governments are feeling the revenue pain too. One California bill with several cosponsors would increase the state’s already stratospheric top 13.3% income tax rate to 16.8%.

Not shocked yet? The newest tax some golden state legislators want to collect is a .4% wealth tax. The “leader” in state taxes already, this would be first-in-the nation wealth tax targeting the very wealthy. This isn’t on income they earn, mind you, but on their wealth itself. A summary of the bill says, “AB 2088 establishes a first-in-the-nation net worth tax, setting a 0.4% tax rate on all net worth above $30 million.” California Assembly member Rob Bonta, D-Oakland, proposed the legislation. The tax would be applied to the net worth of about 30,400 Californians, “raising approximately $7.5 billion annually,” the summary claims. “The tax takes into account all assets and liabilities held by an individual, globally, capturing the immense levels of accumulated wealth held by the top 0.1% of Californians.”


What could go wrong?

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8   Ceffer   2020 Sep 22, 6:11pm  

Any way you cut it, the torment dial keep ratcheting up in California with no end in sight. With months of unhealthy, chemical laden smoke every year, it's also unhealthy. I'm coughing like a three pack a day stevedore getting all the gunk out of my lungs.

The politicians really are just sucking this place dry. Unless they live in guarded redoubts or the ever decreasing wealthy bubble worlds, they will likely leave the state, too, once it is husked out and the plunder is complete.
9   WookieMan   2020 Sep 22, 6:16pm  

Hircus says
Biden also mentioned getting rid

Good news is he doesn't remember. Hopefully the new idea is better.
10   Shaman   2020 Sep 22, 6:57pm  

Yah the rich already have the option to leave. Why give them the incentive as well?
Joe Rogan and Ben Shapiro are leaving. Plenty of others will contemplate doing so as well if something as onerous as this tax bill gets made into law.

Some stuff I could go along with. The Prop 19 that reassess property over 1M that kids inherit... Yah I don’t like Prop 13 let alone that the kids of wealthy fucks get to keep paying much less than me on their property taxes for their Malibu beach home they inherited from pops. Fuck a bunch of that.
11   Booger   2020 Sep 22, 7:07pm  

Fuck California!
12   FortwayeAsFuckJoeBiden   2020 Sep 22, 7:11pm  

GlocknLoad says
I can't say I'm a big fan of taxes but I think we can all agree that we will never be free of them. If almost all new wealth is going to the 1% and we are having extreme wealth/income disparities, where is any new taxes supposed to come from? "To whom much is given, much will be required".


By choice, not by government force. Besides this is CA way of just getting more money for crony government handouts. Soon we will all be paying wealth tax to make the owners rich.
13   Ceffer   2020 Sep 22, 7:30pm  

Booger says
Fuck California!


I don't know. At this point, you would have to put a bag over its head.
14   ignoreme   2020 Sep 22, 8:42pm  

I say do it. Just tax everyone 100% and get it over with. You all have been voting for this for years. At this point if you still live in California you have no one to blame but yourself.

The weather is overrated anyways. BA is too dry, too cold, all the time. Move to Midwest at least you have real summer. The winter problem has been solved. It’s called wear a fucking jacket.

Or move to the SE. Buy a golf cart. Wear some fucking shorts.

Either way drink fucking beer and don’t vote D.
18   GNL   2020 Sep 23, 6:47am  

What % of Americans do you think would vote to raise taxes on the "rich"? Depending on the definition of "rich", i think 80%+ would vote for higher taxes on the "rich". I think inheritance tax is where the government should go for more money. If you earn it, you can spend it how you like. If you didn't earn it...what I'm saying is, reward the doers and punish the freeloaders. There are plenty of "rich" freeloaders. In fact, I've heard that BLM and Antifa are filled with "rich" lay-abouts. Or at least those who stand to inherit.

2 things that are destroying America 1) $$ = power and it's being used to fuck all of us. George Soros? Hello. And 2) the elevation of victimization. It pays to be a victim.
20   clambo   2020 Sep 23, 7:31am  

I’m amazed at the political change in California since I arrived in 1982.

The new taxes are intended to 1. Keep freebies for illegals and their spawn. 2. Keep rich salaries and pensions for government workers. 3. Both 1&2 help get the socialist scumbag politicians re-elected.

I’m sure that the views and weather are excellent for 8 months per year here; I will have to make do with second best, and travel here in the late summer to get my Big Sur, Carmel, and San Francisco visits accomplished.

Florida weather is good for 5-6 months per year, but as the weather begins to suck, half the residents leave, which has its advantages I guess.

I talked with a retired local government employee and mentioned taxes are getting unfair and high here; he really thinks that I’m just a complainer. He and his ilk are the problem; he’s a naive liberal who thinks taxes are good, so more are better.

Of course he’s installed two security cameras because he is afraid of the homeless all around him.
22   NDrLoR   2020 Sep 23, 8:44am  

Hircus says
Biden says he wants to just get rid of the step up in tax basis for inherited assets
"No one has the right to live on inherited wealth" George McGovern 1972

"Under his estate tax plan, a cumulative total of the value of everything inherited by a given recipient throughout his lifetime would be calculated. After the total inheritances exceeded a specified point—he suggested $500,000—a 100 per cent tax would be imposed on further inheritances."
23   Hircus   2020 Sep 23, 9:05am  

Meh. I think these proposed taxes on inherited stuff is mostly going to hit the middle and upper middle class. They paid their taxes on it already (in most cases), and unless your parents are really old, I think most people know they aren't going to inherit anything until they're old themselves, and so there's still plenty of motivation for them to work for themselves in the meantime.

The mega rich will still use all kinds of workarounds to get the money to their kin.

I'm not sure why they made the step up in tax basis rule though. That seems like an inheritance bonus, but maybe there's a reason for it.

Anyway, this is just dems picking low hanging tax fruit so they can buy votes via handouts.
24   Bd6r   2020 Sep 23, 9:08am  

this is very counterproductive. Why do same Hispanics in TX are reasonable, while in CA they are batshit crazy insane? Legislature + idiot libruls are to blame as a root of the problem.
Al_Sharpton_for_President says
25   zzyzzx   2020 Sep 23, 9:22am  

Hircus says
That seems like an inheritance bonus, but maybe there's a reason for it.


For one thing, it's an accounting nightmare.
26   Ceffer   2020 Sep 23, 10:27am  

Sound familiar for the Great Socialist Paradise theme? First, you start divesting those who flee. Later, you start mugging them and making them go back at the border. Third, it's Berlin Wall time with dogs and machine guns to kill residents trying to flee. A captured, enslaved populace to do with as you wish, the fondest dream of socialist engines.
27   Hircus   2020 Sep 23, 11:19am  

zzyzzx says
Hircus says
That seems like an inheritance bonus, but maybe there's a reason for it.


For one thing, it's an accounting nightmare.


Now that you said that - that may have been the reason they did it. Electronic records are getting good now, but in past decades I bet there were alot of children whose parents died, and they had no idea what the tax basis was for the various assets. A situation that creates "tax cheats", with no way to avoid it for many. And if you let some people off the hook because they say they legitimately can't find records, then other people will claim the same to save money. So letting everyone get a step up is one way to solve it.

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