California Activist Proposes Wealth Tax?

Hello there! If you are new here, you might want to subscribe to the RSS feed for updates on this topic.

This just blows my mind. Why people think taxing the wealthy more will solve anything makes no sense to me. From the article:

The measure would impose a new 35% income surtax (in addition to federal taxes and the existing 10.3% top state rate), and penalize people who leave the state by seizing 55% of assets exceeding $20 million. The money raised would be used to eliminate the state’s budget deficit and for purchasing controlling shares in large corporations.

The 17.5% surtax is unusual because it would be on a taxpayer’s total (not marginal) income whenever it exceeds $250,000, with another additional 17.5 percent tax on total income (for a total additional 35 percent tax) whenever it exceeds $500,000. In the case of single taxpayers or taxpayers filing as head of household, these additional taxes would be levied on incomes greater than $150,000 and $350,000 respectively.

Yeah, that would be a hard decision if I lived in California. I’m so glad I never moved there. Read the whole article at [ LINK ]