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I'm Going to Pump Your Taxes Up!

Thursday, August 28, 2008 by Unknown

It seems to me that some people still haven't realized that people will move away from higher tax hellholes, moving out to the suburbs or even, in some instances, out of the State completely.

From TaxProf Blog:

A California activist is trying to gather the 694,354 signatures needed to place a tax initiative on the ballot that would:

  • Impose a new 35% income surtax (in addition to federal taxes and the existing 10.3% top state rate) -- 17.5% (on all of the taxpayer's income) when income exceeds $150,000 (single)/$250,000 (joint), and an additional 17.5% (again, on all of the taxpayer's income) when income exceeds $350,000 (single)/$500,000 (joint).
  • Impose a one-time 55% wealth tax on assets exceeding $20 million held by a California resident or held in California by nonresident.
  • Impose an exit tax of between 36.5% to 54.3% on both income and unrealized appreciation in asset values over $5 million when a resident dies or leaves California

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