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Started By
Message
Tax hike on California millionaires would create 54% tax rate
Posted on 7/31/20 at 6:00 am
Posted on 7/31/20 at 6:00 am
Texas will explode even more
CNBC
“So the top tax rate would be 16.8%, on income of more than $5 million and the combined state and federal tax rate for California's top earners would soar to 53.8%. With the deduction on state and local taxes capped at $10,000 under the Trump tax cuts, the top-earning Californians wouldn't be able to deduct the new taxes from their federal returns.
The tax would only effect the top 0.5% of California taxpayers. But that small group of super-earners — many of them in tech — pay 40% of the state's tax revenues, according to California's Franchise Tax Board. The new tax rate would also apply to capital gains, which accounts for a large share of tech income, since California taxes capital gains at the same rates as ordinary income.“
CNBC
“So the top tax rate would be 16.8%, on income of more than $5 million and the combined state and federal tax rate for California's top earners would soar to 53.8%. With the deduction on state and local taxes capped at $10,000 under the Trump tax cuts, the top-earning Californians wouldn't be able to deduct the new taxes from their federal returns.
The tax would only effect the top 0.5% of California taxpayers. But that small group of super-earners — many of them in tech — pay 40% of the state's tax revenues, according to California's Franchise Tax Board. The new tax rate would also apply to capital gains, which accounts for a large share of tech income, since California taxes capital gains at the same rates as ordinary income.“
39
Posted on 7/31/20 at 6:03 am to ihometiger
quote:But but but “The rich don’t pay their fair share!”
The tax would only effect the top 0.5% of California taxpayers. But that small group of super-earners — many of them in tech — pay 40% of the state's tax revenues, according to California's Franchise Tax Board.
Posted on 7/31/20 at 6:04 am to ihometiger
quote:
California taxes capital gains at the same rates as ordinary income.“
Lol.
Posted on 7/31/20 at 6:05 am to ihometiger
Damn that seems really high
Posted on 7/31/20 at 6:17 am to ihometiger
quote:
With the deduction on state and local taxes capped at $10,000 under the Trump tax cuts, the top-earning Californians wouldn't be able to deduct the new taxes from their federal returns.
You hate to see it.
Posted on 7/31/20 at 6:18 am to ihometiger
Texas will be Democrat soon. Libs ruin everything
Posted on 7/31/20 at 6:19 am to ihometiger
The worst is they don’t learn from their mistakes. Liberals just bring their crap elsewhere
Posted on 7/31/20 at 6:25 am to Centinel
Will be hard to tax those that leave the state....
Posted on 7/31/20 at 6:26 am to ihometiger
quote:
The tax would only effect the top 0.5% of California taxpayers.
This is often the argument for more taxes, yet this group of people disproportionally supports the rest of the tax base. California finds out what happens when the top 0.5% takes their money elsewhere. Dumb libs.
Posted on 7/31/20 at 6:28 am to tigeraddict
quote:
Will be hard to tax those that leave the state....
this.
even industry like Hollywood has already proven it will go elsewhere if the tax price is right.
California is such a shithole. too bad we cant move their farmland and weather elsewhere
Posted on 7/31/20 at 6:30 am to ihometiger
That’s so fricking stupid.
Posted on 7/31/20 at 6:37 am to ihometiger
quote:
With the deduction on state and local taxes capped at $10,000 under the Trump tax cuts,
Dems are trying to get this changed and using another round of Covid relief as leverage.
Posted on 7/31/20 at 6:40 am to ihometiger
It’s like a restaurant that is struggling to draw customers and make a profit, so they raise the food prices on the remaining regulars, and soon, even the regulars are gone!
Posted on 7/31/20 at 6:45 am to ihometiger
Liberals never figure out that there is a maximum yield you can get with tax rates, beyond which people either stop producing, move, etc.
It's like a dog always being surprised by its reflection in the mirror.
It's like a dog always being surprised by its reflection in the mirror.
Posted on 7/31/20 at 6:54 am to tigeraddict
quote:
Will be hard to tax those that leave the state....
You also hate to see that.
Posted on 7/31/20 at 6:57 am to UncleRuckus
quote:If Texas ever tips, we will have a one party system.
Texas will be Democrat soon. Libs ruin everything
Posted on 7/31/20 at 6:59 am to ihometiger
Dumbasses will move to Texas and vote for the same left leaning twits who caused them to move in the first place.
Posted on 7/31/20 at 7:07 am to ihometiger
quote:
54% tax rate
Eventually this won’t be enough for marxists.
quote:
millionaires
And this bracket will move down further and further.
Posted on 7/31/20 at 7:20 am to ihometiger
Do it. the rich on TV keep telling us they should pay more
Posted on 7/31/20 at 7:21 am to BurningHeart
The rebuttal to that graph is so the top 50% make 97% of the income?
I disagree with this line of thinkng but you know this is the rebuttal
I disagree with this line of thinkng but you know this is the rebuttal
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