Taxing the Rich More

For John, BLUF:  While the Federal Government can go into debt by trillions of dolollars, Statees must balance their budgets.  Thus zCalifornia is trying to increase taxes, to send even more.  Nothing to see here; just move along.

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California Politicos Proposing New ‘Wealth Tax’ for Super-Rich, ‘Exit Tax’ for Those Who Leave

Here is the sub-headline:

The state of the state is so dire…Governor Gavin Newsom is threatening to cut spending on climate change projects

From Legal Insurrectioon, by Blogger Leslie Eastman, 25 January 2023, 07:00am.

Here is the lede plus five:

Some California politicos are proposing an additional “wealth tax” on the state’s richest residents.

And while many of you will laugh at my pain, the Democrats want this tax enacted nationally…so it concerns you, too.

Assemblyman Alex Lee, a progressive Democrat from San Jose, filed legislation that would tax an extra 1.5% on Californians with a worldwide net worth of more than $1 billion starting January of 2024, and 1% for those making more than $50 million starting in 2026.

Lee’s proposal aims to tax assets such as stocks and bonds that can skyrocket in value without incurring taxes until they’re sold. He said the tax would apply to the top .1% of California earners and could generate about $22 billion.

“For far too long, we’ve allowed income inequality to deepen and fester in this state and this country while the rich get richer and the middle class shrinks behind,” Lee said Monday.

The legislation is part of a multi-state effort from progressive lawmakers across the country who say the nation’s top earners need to pay their fair share.

Having voted in California for three decades, I am embarrassed by this.  I was obviously one of those who let things spiral down to this point.  I tried to vote for limited government, but it wasn't enough.

The idea of an extra tax for the rich to fund programs strikes me as counter-productive.  All of us as Citizens shoould be invested in our government programs.  On top of that, a special tax on the rich will result in the rich infiltrating out to a new location, with fewer taxes.

This California plan is a bad idea.

Hat tip to the InstaPundit.

Regards  —  Cliff