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View Full Version : California weighing proposal that could double its taxes



BoogyMan
01-17-2022, 10:47 PM
The lawmakers in The Peoples Republic of California are at it again and this one is a doozy. Legislations is now proposed that would raise the average household's tax burden by $12,250.00 per year. Get ready for the rest of the sane people from CA to pour out of that state like water.

https://www.foxbusiness.com/economy/california-proposal-double-taxes


A new analysis from the Tax Foundation, a non-partisan group that generally advocates for lower taxes, found that the proposed constitutional amendment (https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=202120220ACA11) would increase taxes by roughly $12,250 per household in order to fund the first-of-its-kind health care system. In all, the tax increases are designed to raise an additional $163 billion per year, which is more than California raised in total tax revenue any year before the pandemic.

The proposal includes three main revenue raisers, according to Jared Walczak, a fellow at the Tax Foundation: Higher income taxes on wealthy Americans, a payroll tax on certain employees' wages for large companies, and a new gross receipts tax.

Under the bill, the top marginal rate on wage income would soar to 18.05% – well above the median top marginal rate of 5.3% and the state's existing rate of 12.3%. There would be an 18-bracket system, with higher taxes kicking in for individuals earning more than $149,509.The highest rate would apply to those who earn more than $2,484,121.