Russ Steele
Tax the rich and if they try to leave the state tax'em anyway. What businesses in their right mind would come to California. If this passed it will have a future date for implementation and the race of the rich to get the hell out of California will be on before this initiative kicks in. As the wealth leaves so do the income taxes, this initiative will only accelerate the loses.
Do not sign this initiative, I repeat do not sign, this initiative there will be enough imbeciles in San Francisco, Los Angles and San Diego who will sign.
California Ballot Initiative to Impose 45% Income Tax, 55% Wealth Tax & 36%-54% Exit Tax
A California activist is trying to gather the 694,354 signatures needed to place a tax initiative on the ballot that would:
• Impose a new 35% income surtax (in addition to federal taxes and the existing 10.3% top state rate) -- 17.5% (on all of the taxpayer's income) when income exceeds $150,000 (single)/$250,000 (joint), and an additional 17.5% (again, on all of the taxpayer's income) when income exceeds $350,000 (single)/$500,000 (joint).
• Impose a one-time 55% wealth tax on assets exceeding $20 million held by a California resident or held in California by nonresident.
• Impose an exit tax of between 36.5% to 54.3% on both income and unrealized appreciation in asset values over $5 million when a resident dies or leaves California.
My source is the TaxProd Blog
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