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| Economy |
| California Democrats Propose 'Wealth Tax' to Combat Massive Deficit |
| 2020-08-19 |
| [PJ] The state government of California is in a $50 billion hole thanks to the coronavirus pandemic — and a few other spending measures like giving free medical benefits and "stimulus checks" to illegal aliens. The state’s budget deficit is probably far steeper than it should be, all things considered. So Democrats will tax the rich to help make up the deficit. The rich are perfectly capable of speaking for themselves and need no defense from any of us to help them ward off state-sponsored theft. But there is an important principle at stake that needs to be defended vigorously. How much should the most successful among us be taxed? The idiotic notions that the rich got that way because of racism or because they "stood on the backs of the poor" are liberal political rhetoric and not serious debate points about the issue of wealth or taxes. And if the state is going to raise taxes on anyone, they are beholden to the people to find ways to cut government expenditures by an equal or greater amount. California Democrats are not going to cut any of their pet programs to narrow the deficit, so they’re going to get cash from the most convenient source; the rich and successful. |
| Posted by:Besoeker |
| #30 If the rich democrats wanna return their money to California, who am I to stand in the way. |
| Posted by: bbrewer126 2020-08-19 16:46 |
| #29 If you buy a burger, I’ll tax the meat. If you get some bread, I’ll tax the wheat. If you like rap music, I’ll tax the beat. If you troll somebody, I’ll tax the yeet. |
| Posted by: Marilyn Tojo7566 2020-08-19 15:44 |
| #28 |
| Posted by: Marilyn Tojo7566 2020-08-19 15:42 |
| #27 Boat and a Bahamian bank account. And turn most of your assets into precious metals and bury them. |
| Posted by: M. Murcek 2020-08-19 15:34 |
| #26 Ref #24: Great news! Maybe they'll stay put and NOT move to Ga. |
| Posted by: Besoeker 2020-08-19 15:33 |
| #25 which means everyone's gotta fill it out Raj, I see that as a 'feature' in the minds of these Sacramento folks as they continue to ratchet the 'threshold' downward. |
| Posted by: Mullah Richard 2020-08-19 15:02 |
| #24 I know people who live in California who think this is a good deal. |
| Posted by: M. Murcek 2020-08-19 15:01 |
| #23 Sorry - that's Form 540, not 504. |
| Posted by: Raj 2020-08-19 14:52 |
| #22 Just finished reading the bill, and yes, it gets worse: The Franchise Tax Board shall amend the Personal Income Tax Forms, and amend or create any other forms necessary, for the reporting of certain assets. Assets that must be reported separately shall include, but shall not be limited to, the following categories: ...which means it will now be part of the annual CA Form 504, or the personal income tax return, which means everyone's gotta fill it out. |
| Posted by: Raj 2020-08-19 14:42 |
| #21 Seems being inventive is the key feature to parking wealth. |
| Posted by: M. Murcek 2020-08-19 14:39 |
| #20 But try renting to yourself. |
| Posted by: M. Murcek 2020-08-19 14:36 |
| #19 I love this part (among all the other bad parts) - 'expensive to administer'. I've posted previous tax articles that spell out the fact that most FTB (and IRS, Mass. DOR, etc.) employees |
| Posted by: Raj 2020-08-19 14:36 |
| #18 It's a trap! |
| Posted by: M. Murcek 2020-08-19 14:35 |
| #17 Property taxes = you really don't own your property, do you? Try not paying them and see what the state will do. |
| Posted by: Clem 2020-08-19 13:29 |
| #16 A legislative signature or two could potentially wipe out crypto-currency in a flash. |
| Posted by: Clem 2020-08-19 13:28 |
| #15 I'm not a fan of crypto currency but people will find places to park money that are out of state gummint hands. Outside fed gummint hands too. |
| Posted by: M. Murcek 2020-08-19 12:59 |
| #14 The wealth tax should be 0% - you already earned that money, it shouldn't be taxed twice. Can't wait to see the stampede outta CA when these dumb shits pass it (and they will), because they have a high-speed rail project to finish! |
| Posted by: Raj 2020-08-19 12:51 |
| #13 I'm running a business, fine, tax me on my net revenue. My house isn't a business. |
| Posted by: M. Murcek 2020-08-19 12:32 |
| #12 Seems to me I should only have to buy anything once. Yes, I should pay fees for garbage pickup, electric, water and sewage. But I don't see how those need to be a tax rather than a fee, and I don't see how I should be deprived of my property over a fee issue. As for property taxes funding the gummint school scam, that's just a racket that needs to be stopped. |
| Posted by: M. Murcek 2020-08-19 12:29 |
| #11 /\...A simple way to destroy all the small business owners with one tax. |
| Posted by: magpie 2020-08-19 12:25 |
| #10 I've lost track, BP. Do you favor property taxes or not? If I have to pay taxes on my gutchies I'm going commando right now. |
| Posted by: M. Murcek 2020-08-19 12:24 |
| #9 The people that own physical property (e.g. pizza stores, auto repair shops) actually employ people in the local economy can't flee. They are the people that will taxed to death while the 'rootless rich' move to lower tax states. |
| Posted by: magpie 2020-08-19 12:23 |
| #8 Divide California into 7 states. Investigate previous Governors for possible corruption. |
| Posted by: rjschwarz 2020-08-19 11:40 |
| #7 Whether city, state, or federal, they are just killing what's left of this economy by penalizing success. And Kaliphornia either has or is discussing an "exit tax" for those who want to leave the state, IIRC. It's pathetic. |
| Posted by: Clem 2020-08-19 11:25 |
| #6 >How much should the most successful among us be taxed? Zero. They should be punished not for what they've done FOR others, but for for what they've done TO others which is why Capitalists advocate for taxes on title. |
| Posted by: Bright Pebbles 2020-08-19 10:57 |
| #5 Or, agree to spend the next ten years keeping California as your place of residence and/or business and enjoy a rate based upon current ratios. Trust us. Don't try to leave. |
| Posted by: swksvolFF 2020-08-19 10:40 |
| #4 Now watch for the ever descending line for what constitutes the rich. Wealth confiscation is high on the agenda of the socialist locusts and we will soon see anyone of modest means classified as RICH. Will they start in Hollywood? Silicon Valley? Hoarders and wreckers to the guillotine. |
| Posted by: AlanC 2020-08-19 10:17 |
| #3 The only money spent on the West Coast of California should be on armed drones . |
| Posted by: Thaith Elmeresing6163 2020-08-19 10:12 |
| #2 Time to declare California a failed state and revert it back to territory status. If the northern part wants to join as a different state and has its financial and governmental house in order, great. They can rejoin. The rest of California needs a serious house cleaning. |
| Posted by: DarthVader 2020-08-19 10:10 |
| #1 Way to keep those current high tax residents as 'Californians', you wankers. Next up, 'Those Fat-Cat Corporations!'. |
| Posted by: Mullah Richard 2020-08-19 09:06 |