(TNS) — A group of state lawmakers on Thursday proposed a first-in-the-nation state wealth tax that would hit about 30,400 California residents and raise an estimated $7.5 billion for the general fund.
The tax rate would be 0.4 percent of net worth, excluding directly held real estate, that exceeds $30 million for single and joint filers and $15 million for married filing separately.
California is facing a big budget deficit because of the health and economic crisis brought on by the coronavirus, and “we can’t simply rely on austerity measures,” to close it, said Rob Bonta, D-Oakland, lead author of AB2088. “We must consider revenue generation.”
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The tax rate would be 0.4 percent of net worth, excluding directly held real estate, that exceeds $30 million for single and joint filers and $15 million for married filing separately.
California is facing a big budget deficit because of the health and economic crisis brought on by the coronavirus, and “we can’t simply rely on austerity measures,” to close it, said Rob Bonta, D-Oakland, lead author of AB2088. “We must consider revenue generation.”
More
A few years ago they were looking into a "Rubber" tax to be added to condoms to fund feeding the homeless children of the cities. All Democrats know is raise taxes to give to people to get them depened on the handout so they own them and they will continue to vote for who feeds them!
ReplyDeleteSounds like all the excessively liberal movie starts are about to have to put their money where their mouths are🤣🤣🤣
ReplyDeleteThey All hide from irs using shell company’s, non profits and Delaware P.O. Box LLCs. Ever look at moving credits almost all the stars are part of the production and mostly filmed in tax havens. Heck even AOC opened up LLCs in Delaware and deposited 800k. Saved 375 in taxes. Why do you think joe Biden lives their ?
ReplyDeleteCommunism is inching its way forward in Kalifornistan.
ReplyDeleteAnd many would leave. Not ones fault they have made a good living yet be penalized by politicians who can't manage themselves out of a paper bag. I would move because California's problems where not caused by the people.
ReplyDeleteNow we will see what the Hollywood hypocrites will have to say about this. They have always expected the working class to pay and pay. I imagine that they will be very unhappy.
ReplyDeleteLet see if the Hollywood elites back this or cry to Pelosi and their cronies.Ive heard their leaving.
ReplyDeleteMaybe you should threaten to move out of the state like the Berlin residence who are still there said they would do if taxes kept goign up... Jokes on all of you... taxes follow you, you morons!!!
ReplyDeletePeople are fleeing California in droves
ReplyDeletePerhaps free medical, education, housing, food
ReplyDeletefor millions of illegals and all their kid contributes to the deficit? Just sayin’...
If california put a $10 tax on Butt Plugs they could pay off the National Debt!
ReplyDeleteThey'll levy a tax on pleasant weather before long.
ReplyDelete