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| Home Front: Culture Wars |
| California Left, So Burning With Hate Against The Rich |
| 2008-08-27 |
| Earlier this month, a California activist began gathering signatures to put a state wealth tax on the ballot. 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... |
| Posted by:Anonymoose |
| #10 I'm pretty sure that would be held unconstitutional by even the most liberal justices on the Supreme Court. The IRS levies a punitive tax on people renouncing their US citizenship and leaving the country with significant assets. If that's Constitutional this likely is as well. States aren't allowed to unfairly burden citizens of neighboring states but they're more than welcome to burden their own citizens as much as they like. |
| Posted by: AzCat 2008-08-27 22:59 |
| #9 85% state slave. Tax rent-seeking, not people. |
| Posted by: Bright Pebbles 2008-08-27 19:41 |
| #8 I guess they really didnt think this one through on how huge an impact this would have on their hollywood buddies and lefty financiers in Silicon Valley. Think on this - state tax is 10%, Fed tax in that bracket is 39%. 49% already. Add in their 35% extra. Means a tax rate for the highest earners in CA would exceed 85%. The Communists would be proud. |
| Posted by: OldSpook 2008-08-27 19:39 |
| #7 How are they going to seize 55% of assets of people who leave the state? Lien on proceeds of house sale. |
| Posted by: Nimble Spemble 2008-08-27 19:36 |
| #6 "penalize people who leave the state by seizing 55% of assets exceeding $20 million" I'm pretty sure that would be held unconstitutional by even the most liberal justices on the Supreme Court. |
| Posted by: Barbara Skolaut 2008-08-27 19:26 |
| #5 the whole state will be worth less than 20 million USD! It's worth 20 million, but we'll take 15 for it. |
| Posted by: SteveS 2008-08-27 18:06 |
| #4 How are they going to seize 55% of assets of people who leave the state? |
| Posted by: Rambler in California 2008-08-27 18:05 |
| #3 If they do this, the whole state will be worth less than 20 million USD! |
| Posted by: Bright Pebbles 2008-08-27 18:02 |
| #2 See how many he gets in Malibu. They'll be sending out their Mexican gardeners to beat him with shovels. |
| Posted by: tu3031 2008-08-27 17:48 |
| #1 This is a proposed referendum that requires almost 700,000 signatures to get on the ballot. I can imagine Laficornia is THAT crazy .. oh wait ... |
| Posted by: Steve White 2008-08-27 17:45 |