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Main Forums => Politics => Topic started by: K Frame on July 31, 2020, 01:51:18 PM

Title: California looks to impose new taxes on millionaires
Post by: K Frame on July 31, 2020, 01:51:18 PM
Gotta make them pay their fair share, after all!

https://www.cnbc.com/2020/07/30/tax-hike-on-california-millionaires-would-create-54percent-tax-rate.html
Title: Re: California looks to impose new taxes on millionaires
Post by: dogmush on July 31, 2020, 01:55:36 PM
It sure is a good thing history has proven that tax rates and tax revenue go up and down linearly.  Can you imagine how embarrassing it would be to raise taxes and find that wealth gets moved around and revenue actually goes down?
Title: Re: California looks to impose new taxes on millionaires
Post by: K Frame on July 31, 2020, 02:02:18 PM
Nah, that will never happen, because all of those California millionaires are just fine with being taxed to hell and back and love living in California too much to ever consider moving...

Just like no business will ever move operations out of California because... GLORIOUS SOCIALIST UTOPIA!
Title: Re: California looks to impose new taxes on millionaires
Post by: WLJ on July 31, 2020, 02:07:02 PM
The Hollywood elite will probably be given a loophole so they'll be all for it because, you know, the rich need to pay their fair share
Title: Re: California looks to impose new taxes on millionaires
Post by: Hawkmoon on July 31, 2020, 03:36:34 PM
Didn't France try this ... and all the millionaires left?
Title: Re: California looks to impose new taxes on millionaires
Post by: AmbulanceDriver on July 31, 2020, 04:44:30 PM
Now this is an interesting twist though:

Quote
If the new tax is approved in August, it would be retroactive for this year and apply to income earned since January 2020.

I foresee some *strong* legal challenges if this tax goes into effect.
Title: Re: California looks to impose new taxes on millionaires
Post by: RoadKingLarry on July 31, 2020, 05:08:14 PM
I also see a massive exodus of millionaires from the Golden fleece state.
Title: Re: California looks to impose new taxes on millionaires
Post by: Brad Johnson on July 31, 2020, 05:13:24 PM
I also see a massive exodus of millionaires from the Golden fleece state.

And who will promptly do everything they can to shape their new homes to be just like the place they fled.

Brad
Title: Re: California looks to impose new taxes on millionaires
Post by: AZRedhawk44 on July 31, 2020, 06:38:28 PM
I expect many of the SpaceX exec force to change official residences to Brownesville/Boca Chica TX.
Title: Re: California looks to impose new taxes on millionaires
Post by: De Selby on July 31, 2020, 07:06:22 PM
What was the income tax rate like under Eisenhower? Seems like the 50’s were a boom time where technology and income just exploded.
Title: Re: California looks to impose new taxes on millionaires
Post by: TommyGunn on July 31, 2020, 07:38:55 PM
What was the income tax rate like under Eisenhower? Seems like the 50’s were a boom time where technology and income just exploded.

Yet JFK  entered office in January 1961,  lowered taxes and the economy did even better.  Imagine that.

IIRC  the top income tax rate was about 91%   However,  it was also a time of numerous convoluted tax write-offs and shelters that those so afflicted could take advantage of .... so the generic average taxpayer in that bracket only really scratched out a check for roughly 35%  of their supposed "fair share" tax.
Title: Re: California looks to impose new taxes on millionaires
Post by: K Frame on August 01, 2020, 08:22:40 AM
Under Roosevelt, at the end of WW II, the tax rate was as high as 94%.

It started falling in subsequent years, but was still pretty high in the 1950s, and in fact in 1951 went back up from the high 80s into the 90s.

The income tax rate is what helped turn Ronald Reagan from being a New Deal Democrat to a Republican.

The tax policy center has a list of historic highs

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwjvxJ3R_vnqAhXEhHIEHfStDmwQFjAMegQIBhAB&url=https%3A%2F%2Fwww.taxpolicycenter.org%2Fsites%2Fdefault%2Ffiles%2Flegacy%2Ftaxfacts%2Fcontent%2FPDF%2Ftoprate_historical.pdf&usg=AOvVaw3Mn3Qoa4XEN-C5fhfS39id
Title: Re: California looks to impose new taxes on millionaires
Post by: Hawkmoon on August 01, 2020, 09:45:03 AM
And who will promptly do everything they can to shape their new homes to be just like the place they fled.


Quoted for truth.
Title: Re: California looks to impose new taxes on millionaires
Post by: Jim147 on August 01, 2020, 10:11:54 AM
I wonder if California has asked California or New York how this,works out in the end.