California's New Tax
California's New Tax
I was born and raised in Southern California. Both of my sons were born, and lived most of their lives in California. We moved to Las Vegas last year, and I'm sad to say, that we'll never go back to California.
After so many other rediculous "Nanny" laws that have come across the California Ballots, this new tax law has to be the worst. When Governor Schwartzeneger was voted in, one of the things he promised was to bring back the jobs and businesses to California. If this new tax law is voted in, there will be nothing but a mass exodus of Businesses and Wealthy people leaving California like it was the Titanic.
Basically the new Wealth Tax law would be a new tax on the wealthy. Those who had a net asset of $40 million would be charged a minimum tax of 55%. Also measure imposes an additional tax under PIT for
joint-return taxpayers equal to 17.5 percent of their total taxable incomes if greater than $250,000, with an additional tax of 17.5 percent (for a 35 percent total additional tax) on incomes greater than $500,000. For single taxpayers, these additional taxes would be
applied to incomes greater than $150,000 and $350,000, respectively.
This is absolutely insane! Not to mention, probably unconsitutional. What person, earning that much money, is going to stick around to get HALF of their money taken away? This tax is in ADDITION to the regular state and federal tax.
There you are, working hard to make a living. You own a business, have employees, you pay your taxes, have a nice house. You're prosperous. Then California comes and takes at least half of that away. Now, you're no longer prosperous, you're next to poverty.
But good news! Right next door to California, sits good old Nevada! There is no state tax in Nevada, and it's growing all the time. Where do you think those wealthy people, including the Hollywood Elite, are going to go? What profitable business is going to stick around California?
For California's sake, I hope this doesn't get voted in. However, with all the other "Nanny" laws, with California's government and people saying they know better, it will probably get voted into law. I'm glad I moved out when I did.
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