You Won't Believe Why California Is Considering Raising Taxes

[GURPS]

There’s a constitutional amendment in front of the state legislature that would raise taxes astonishingly higher to fund the first single-payer healthcare system in the U.S.

Jared Walczak of the Tax Foundation broke down what the taxes would entail:

The new taxes would take three forms:

1. Surtaxes atop the current individual income tax structure beginning at $149,509 in income;
2. A graduated-rate payroll tax system with the top rate kicking in for employees with more than $49,990 in annual income; and
3. A gross receipts tax of 2.3 percent, excluding the first $2 million of business income.

There are some catches in this proposal, and they’re notable.

For starters, the payroll tax doesn’t apply to companies with fewer than 50 employees. At that 50th employee, the massive taxes hit hard.

Walczak explains:

Imagine, for instance, the overly simplified hypothetical of a company with 49 employees making $80,000 each. At 49 employees, the company has no payroll tax burden. Hiring one additional employee generates a tax bill of $90,000—more than that employee’s salary!

Needless to say, this disincentivizes small business growth.

The corporate gross receipts tax hurts even successful businesses with low profit margins, like grocery chains, and it’s disastrous for businesses operating at a loss.

You Won't Believe Why California Is Considering Raising Taxes

pjmedia.com

 

[Merlin99]

And if they get the SALT tax cap revoked guess who gets to pay for it?

 

[vraiblonde]

<---see my avatar

 

[kwillia]

If SALT tax cap is revoked, the federal tax payers of America will once again foot the bill for all these high-tax liberal states and their brilliant (no so) ideas. I want to see SALT stand.

 

[Hijinx]

Another good reason for why Pelousy bought a mansion in Florida.

Look at what is being proposed in America.
80,000 new IRS agents. Double what they have now.
A $10,000 dollar a year trigger to check your bank account
A 3 Trillion dollar BBB Bill that will be Free, cost you nothing.

The claim of going after the rich. Well folks it doesn't take 80,000 new agents to get to the rich.
That $10,000 dollar trigger is just about ever human being in America over the age of 16.
That 3 trillion dollar Bill is not free.

If you are stupid enough to not be able to see who is going to get it rammed up their ass you are a retard.

 

[UglyBear]

Answers to the tile of the thread, Why CA is raising taxes:

1. white supremacy
2. COVID
3. LGBTQ
4. Because the sun rises in the East

CA will CA. Screw that $h11thole. Sew it tight, so scumbags can’t escape the crap they created.

 

[GURPS]

California Could Double Its Taxes To Start Massive New Social Program



The net effect would be to “increase taxes by $12,250 per household, roughly doubling the state’s already high tax collections.” The top marginal rate for wages would rise to 18.05% — significantly higher than the nation’s median top marginal tax rate of 5.3%.

The Tax Foundation says that “the new tax package is intended to raise an additional $163 billion per year, which is more than California raised in total tax revenue any year prior to the pandemic.”

According to the text of ACA 11, the single-payer healthcare system would benefit “every resident of the state” — yet further authorize the legislature “upon an economic analysis determining insufficient amounts to fund these purposes, to increase any or all of these tax rates by a statute passed by majority vote.”




Hey It's FREE, Right ?

 

[herb749]

So more working people will leave the state while more sick people will move in to take advantage of free medical care. Then they''ll still not raise the amount they want because the ones moving in will not pay enough taxes .

 

[Kyle]

So more working people will leave the state while more sick people will move in to take advantage of free medical care. Then they''ll still not raise the amount they want because the ones moving in will not pay enough taxes .

That's one of the reasons the Commies proposed the Exit Tax.

So they can keep fleecing the producers even if they leave.

 

[OccamsRazor]

Speaking of the tax season. Can anyone explain why it is that the IRS is already exclaiming that they are backlogged for Federal tax season? I believe the general acceptance date is 24 January but, they are already saying it will be a long wait for processing. Shouldn't they have prepared for this? It is NOT a surprise.

 

[Kyle]

Speaking of the tax season. Can anyone explain why it is that the IRS is already exclaiming that they are backlogged for Federal tax season? I believe the general acceptance date is 24 January but, they are already saying it will be a long wait for processing. Shouldn't they have prepared for this? It is NOT a surprise.

It's a government agency, so only about 5% have any clue what they're doing. The 5% are the backlogged.

 

[blacklabman]

Why is it that so many people get refunds? People, adjust your withholding so you wind up owing a small balance at the end of the tax year, then you don't have to worry about a delayed refund.

 

[Bobwhite]

Another good reason for why Pelousy bought a mansion in Florida.

Look at what is being proposed in America.
80,000 new IRS agents. Double what they have now.
A $10,000 dollar a year trigger to check your bank account
A 3 Trillion dollar BBB Bill that will be Free, cost you nothing.

The claim of going after the rich. Well folks it doesn't take 80,000 new agents to get to the rich.
That $10,000 dollar trigger is just about ever human being in America over the age of 16.
That 3 trillion dollar Bill is not free.

If you are stupid enough to not be able to see who is going to get it rammed up their ass you are a retard.

Is it $10,000 per account or $10,000 total of all accounts. If it's the former, open another account and transfer some funds.

 

[Hijinx]

Is it $10,000 per account or $10,000 total of all accounts. If it's the former, open another account and transfer some funds.

The average Americans would need at least 4 checking accounts.

 

[Bobwhite]

The average Americans would need at least 4 checking accounts.

Probably. But I never keep that kind that much in my checking account.

 

[Clem72]

California Could Double Its Taxes To Start Massive New Social Program



The net effect would be to “increase taxes by $12,250 per household, roughly doubling the state’s already high tax collections.” The top marginal rate for wages would rise to 18.05% — significantly higher than the nation’s median top marginal tax rate of 5.3%.

The Tax Foundation says that “the new tax package is intended to raise an additional $163 billion per year, which is more than California raised in total tax revenue any year prior to the pandemic.”

According to the text of ACA 11, the single-payer healthcare system would benefit “every resident of the state” — yet further authorize the legislature “upon an economic analysis determining insufficient amounts to fund these purposes, to increase any or all of these tax rates by a statute passed by majority vote.”




Hey It's FREE, Right ?

Obviously not free, but if it's $12k per household a year then my brother will save a lot of money. He has Blue Shield HMO self plus one and pays almost double that. And he is retired and only makes $50k a year (yes, HALF his money goes to health insurance), so if that $12k is an average household in california (where the average household income is $75k) then he likely would pay a lot less.

This may actually be good. Not for California, but for the rest of us. Single payer is coming eventually, and California is a large economy state with very stratified population in terms of income. IF they can make it work, then perhaps we can find a way to make it work in the rest of the country. IF NOT, then maybe we will learn from their lessons.

I don't support a lot of leftist proposals, but universal healthcare is one I am on board with if done correctly. Those of us that currently pay for health insurance and pay our taxes already pay just about the most in the entire world.

 

[kwillia]

They are most certainly doubling down on Build Back Better being shoved through. This would mean all of those state taxes could be written off on federal taxes thus the nation would be paying for all of it and not CA.

 

[herb749]

Why is it that so many people get refunds? People, adjust your withholding so you wind up owing a small balance at the end of the tax year, then you don't have to worry about a delayed refund.

Most of a refund in previous years was from the child tax credit. I used it for years for summer vacations. Some people also like to overpay to have that refund for vacations.

 

[Merlin99]

Why is it that so many people get refunds? People, adjust your withholding so you wind up owing a small balance at the end of the tax year, then you don't have to worry about a delayed refund.

I like getting that check, it's like a Christmas club account.

 

[BOP]

There’s a constitutional amendment in front of the state legislature that would raise taxes astonishingly higher to fund the first single-payer healthcare system in the U.S.

Those illegal aliens can't be expected to pay for their own healthcare, you hater.