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2022-01-12 Home Front: Politix
Gov HairGel to Propose Doubling California State Taxes
[BizPacReview] California Governor Gavin Newsom unveiled his uber progressive 2022-23 state budget plan on Monday that includes fully implementing universal healthcare in his state to cover not only low-income residents but illegal immigrants as well.

The Golden State is considering doubling taxes in an effort to fund universal healthcare for all residents in California. That would increase taxes by $12,250 per household, crushing state taxpayers even more in the name of progressive equity while covering the expenses of those who are not legally in the United States.
[Increase in Taxes is not via Individual income tax. It is via a Gross Receipt Tax for companies with 50 or more employees who would have to pay about 3% of their revenue to the State. This notwithstanding many companies have net income less than 3%.]
Posted by Lord Garth 2022-01-12 00:00|| E-Mail|| Front Page|| [11136 views ]  Top

#1 Top marginal tax rate on individual income is now north of 12%. Total state and federal now at parity with Sweden.

No wonder that UHauls leaving the state are several times more expensive than UHauls for coming to Cali
Posted by Merrick Ferret 2022-01-12 01:20||   2022-01-12 01:20|| Front Page Top

#2 Its the pyramid tax scheme, only in the upside down direction.
Posted by Blackbeard Barnsmell6454 2022-01-12 02:22||   2022-01-12 02:22|| Front Page Top

#3 pay about 3% of their revenue to the State.

That's gross receipts. Have these commissars even looked at the profit margins of many businesses? Grocery store ~= tech firm w/ 70% gross margin.
Posted by Huparong Cloluper8853 2022-01-12 02:28||   2022-01-12 02:28|| Front Page Top

#4 The rest of the businesses in California will then flee.

Good luck with that broken state.
Posted by DarthVader 2022-01-12 08:25||   2022-01-12 08:25|| Front Page Top

#5 If you can deduct your state taxes from your federal tax bill, it is not really "doubling".
Posted by SteveS 2022-01-12 09:12||   2022-01-12 09:12|| Front Page Top

#6 My guess is this is a backdoor way to pay off the state pension system before the state economy collapses.

Unfortunately the taxes will cause the state economy to collapse as the makers leave and the takers are drawn in.

Glad I'll be in Texas before this becomes reality.
Posted by ruprecht 2022-01-12 10:22||   2022-01-12 10:22|| Front Page Top

#7 CA, NY, IL pensions are so far underwater that a "five-year plan" of total confiscation could not make them solvent.
Posted by M. Murcek 2022-01-12 10:27||   2022-01-12 10:27|| Front Page Top

#8 Maybe that border wall needs to take a right turn at Albuquerque.
Posted by swksvolFF 2022-01-12 13:39||   2022-01-12 13:39|| Front Page Top

#9 Re #5: The SALT limitation on Federal income tax deductions means you can only deduct a certain amount - somewhere around $10,000 I believe.
Raj could provide a better answer.
Posted by Rambler in Virginia 2022-01-12 13:45||   2022-01-12 13:45|| Front Page Top

#10 yep. The BBB bill was going to raise that (Rich Dems in blue states benefit)
Posted by Frank G 2022-01-12 14:51||   2022-01-12 14:51|| Front Page Top

#11 SALT limit was $5k for single, $10k married filing jointly

Posted by Lord Garth 2022-01-12 15:30||   2022-01-12 15:30|| Front Page Top

#12 The fine people of California and New York continue to get what they voted for. I'm cool with that.
Posted by Crusader 2022-01-12 15:49||   2022-01-12 15:49|| Front Page Top

#13 Funny they announce this and within 12 hours Zuckerberg announces his move to Texas.
Posted by ruprecht 2022-01-12 18:59||   2022-01-12 18:59|| Front Page Top

#14 Texas should ban him
Posted by Frank G 2022-01-12 19:07||   2022-01-12 19:07|| Front Page Top

#15 Piker. Inside knowledge Pelosi bought a place in Florida weeks ago.
Posted by swksvolFF 2022-01-12 19:57||   2022-01-12 19:57|| Front Page Top

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