We have a civil war coming between tax and spend government(s), public employees and the left wing politicians vs. business and the tax paying public. Taxing wealth is a loser as are the highest tax rates on income, fuel, etc., in the country, but the fundamental questions are (1); What are we getting for the high tax rates we are already paying for today?, and (2); where is the money planned to be spent by the proponents of this outrageous wealth tax? The answers are, (1), nothing and at great cost, and (2); further bloating of social programs (e.g., DEI, education administration, public universities whose administrations have run far off the rails encumbering students with debt that will never be repaid in return for degrees with no economic value to the real world, overpaid government employees doing worthless tasks regulating businesses to death, etc.) while rocket fueling the already huge unfunded pension liabilities for all these worthless, no value added, public employees. Oh, and of course a bunch of public employees will be needed to administrate this proposed new shakedown program and nothing will be spent on infrastructure. The tipping point is rapidly drawing near. Vote NO on this ridiculous proposition and then take a chainsaw to drastically reduce our current government(s).
I think there is also a (3) which answers your "fundamental question" of "What are we getting": Unheard of fraud, committed in alliance with NGOs and other state approved grifters, in the billions of dollars. There's a good reason it's a one party state. It pays very well.
A wealth tax is obviously a bad idea. And so is a property tax, which inordinately impinges on the middle classes who depend on their homes for shelter and wealth creation. As my friend Greg Hammel has pointed out recently, the wealthy classes wealth, when combined is only a few trillion. But the middle classes combined wealth is around $180T. So we will be the target for sure if the labor unions and democrats in general get their way.
I’d argue the worst tax- though there is a lot of competition for it- is the income tax. It’s time consuming, expensive to administrate, vague, and invasive.
That's a No for me. Billionaires provide jobs,give back to the community in charity and support California's economy. The communists in California want government run businesses.
A Wealth Tax would be yet another self imposed assault to the economy. Why do our leaders make life so difficult, I thought they were elected to do the opposite! Does anyone actually believe Billionaires will not pull up stakes and just take off?
The proposed Billionaire Tax is really a Millionaire Tax in disguise. Does anyone believe it will only affect Billionaires? Maybe a more accurate term would be “Baby Boomer Tax.” It sure seems that the gig is up for the Dems running the State, and this tax stunt is merely a way to raise much needed revenue for their ongoing bankrupt scams.
What is needed in addition to electing Steve Hilton, is a grass roots Tax Payer Revolt, just as Howard Jarvis did years ago. Seniors need tax relief now! Property taxes, gas tax, income taxes, all need to be on the ballot.
Preaching to the Choir on this one. How do you tax a person unearned income?
How is this article going to get into the hands of those who see green coming there with this maybe windfall? But little do they know this will not be a one and done program.
I would support a Ca tax reform that took into account corporate and personal taxes and put together a flat tax with graduated brackets. Get rid of all the loop holes and fancy deductions.
If Ca is the forth largest economy in the world why not leverage this tremendous advantage and make it the third largest, instead of driving our industry and workers and our billionaires to tax free states that are beating us on so many levels.
It is clearly a really stupid idea and for the first time in my memory, I would almost agree with Newsom. Unfortuanately, he, and the rest of the socialist politicians that are power hungry mongrels are just going to try to get a national wealth tax rather than the California version so that they can insure that the people that actually drive the economy and produce untold wealth cannot escape the burn. I actually think that we should require Newsom and all the rest of the politicans that espouse this nonsense to spend a year in Cuba or North Korea to get a close up view of what their clearly stupid and illogical policies entail for the people that live in those countries have to live with. Maybe they should also visit Afghanistan where the populace is so restrained by religious extremists that they have absolutely no freedom at all, and they are subject to the whims of the insane "leaders" of their country. Labor unions in this country have devolved into a socialist/communist entity that has no business wielding any measure of power, but their members continue to buy into their nonsense as well. Those memberships also need an awakening to see the results of the nonsense that their leaders are promoting. If we did not have the creative genious of those that have wealth and are building wealth for us all, we would be so much poorer for the loss of the real entrepreneurship that exists in this country that is so superior to the rest of the worlds efforts, (with some exceptions, like Israel that has had to be very creative to survive.).
The Democrat Socialist Communist Party has become one of cryers and complainers that require safe spaces with crayons, coloring books, hot cocoa and therapy dogs. In my humble opinion, if you don't have the intelligent wherewithal to become wealthy, than you are inherently jealous of those that do have the ability. I don't disparage a legal African American immigrant like Elon Musk to have created the wealth that he has. If you can legally, then you should.
The problem with Cal props is that they are worded to be appealing to low information voters. This is one of them. And the only solution is to elect officials with common sense management. But.... sadly, we may have passed that point. Vote in November. It may be our last stand. John
Unless and until envy is eliminated from the human heart, this battle against stupid and vengeful taxes will never end. It amounts to fighting wild fires in California. We can extinguish them this year but we will have to fight it all over again next year, and the year after that
CA Behavioral Health Services Act (BHSA,)now only accepts MEDICAID clients. How many law abiding, tax paying US CITIZEN MEDICARE clients were dropped? How many MEDICAID ILLEGAL ALIENS are now BHSA clients? How many ILLEGAL ALIEN clients are TERRORIST, MURDERERS?
CA Judicial System, CA Franchise Tax Board (CFTB,) must be held financially liable for their criminal negligence. Twenty-Two (+22,) years ago, 2004 CA Governor Arnold Schwartenigger signed CA Revenue & Taxation Code 19280 into law, (CAL19280,) https://codes.findlaw.com/ca/revenue-and-taxation-code/rtc-sect-19280.html CAL19280 can require CFTB collect delinquent CA court ordered criminal restitution, then bill the convict for the CFTB burden of collecting et al.
My 18 Jul 2015 (+ELEVEN YEAR,) Ventura Juvenile COURT CAL19280 is not enforced. Tip of the iceberg.
Parents liable for their criminal children: KNOWING THIS, parents pay more attention to their kids, their friends, why CAL19280 not taught K-12? Who suffers?
I realize it is a rhetorical question raised by Daniel Cerf, but it is very easy for government and its bureaucratic minions to tax 'unearned income.' Witness real property taxes on residential real estate. These can rise about 1% a year based on the current owner's purchase price. Of course add ons for school bonds, flood control, safe water, recycling centers and the like will increase as well. There are also 'business property taxes'. One fine day three folks arrived at my office with badges identifying themselves as 'county tax auditors'. Without any warrant or permission, they photographed and cataloged every computer workstation, every desk, every type writer, every chair, and ever file cabinet. A month later I received an 'annual' county 'business property tax' of $2900. I closed that office, never paid the tax and moved. And, one fine day, there will be a 'one time only, 5% tax on your investment account, your garage tools, your high capacity freezer (you don't need it so it is taxed). I will be down the road to oblivion by then, but my children will suffer.
Venture capital follows adventures that have propelled ideation from all the upgrades that Homo sapiens have created to improve living conditions starting at the very nature of survival of the fittest. It doesn’t just reward the invention first or its creator but also the complete implementation and improvements along the farm to market or disagreement to problem resolution at every intensity.
Meanwhile, the broad middle class can improve its condition by both work and applying some residual capacity to the market by investing in successful market contributions from stocks to value inherent in products valued by culture and civilization itself. Thereby improving the whole of national and even international contingency of parties.
The unfortunate and less able by a wide band of merits and potentials have always and until flourishing allows it, be at the mercy of charity and a hand up in the relentless pressure of a physical world still dictated by the second law of thermodynamics and a Darwinian structure sapiens still endure.😅
We have a civil war coming between tax and spend government(s), public employees and the left wing politicians vs. business and the tax paying public. Taxing wealth is a loser as are the highest tax rates on income, fuel, etc., in the country, but the fundamental questions are (1); What are we getting for the high tax rates we are already paying for today?, and (2); where is the money planned to be spent by the proponents of this outrageous wealth tax? The answers are, (1), nothing and at great cost, and (2); further bloating of social programs (e.g., DEI, education administration, public universities whose administrations have run far off the rails encumbering students with debt that will never be repaid in return for degrees with no economic value to the real world, overpaid government employees doing worthless tasks regulating businesses to death, etc.) while rocket fueling the already huge unfunded pension liabilities for all these worthless, no value added, public employees. Oh, and of course a bunch of public employees will be needed to administrate this proposed new shakedown program and nothing will be spent on infrastructure. The tipping point is rapidly drawing near. Vote NO on this ridiculous proposition and then take a chainsaw to drastically reduce our current government(s).
I think there is also a (3) which answers your "fundamental question" of "What are we getting": Unheard of fraud, committed in alliance with NGOs and other state approved grifters, in the billions of dollars. There's a good reason it's a one party state. It pays very well.
Exactly, Jim!
A wealth tax is obviously a bad idea. And so is a property tax, which inordinately impinges on the middle classes who depend on their homes for shelter and wealth creation. As my friend Greg Hammel has pointed out recently, the wealthy classes wealth, when combined is only a few trillion. But the middle classes combined wealth is around $180T. So we will be the target for sure if the labor unions and democrats in general get their way.
I’d argue the worst tax- though there is a lot of competition for it- is the income tax. It’s time consuming, expensive to administrate, vague, and invasive.
That's a No for me. Billionaires provide jobs,give back to the community in charity and support California's economy. The communists in California want government run businesses.
Time to change the one party rule in California.
A Wealth Tax would be yet another self imposed assault to the economy. Why do our leaders make life so difficult, I thought they were elected to do the opposite! Does anyone actually believe Billionaires will not pull up stakes and just take off?
The proposed Billionaire Tax is really a Millionaire Tax in disguise. Does anyone believe it will only affect Billionaires? Maybe a more accurate term would be “Baby Boomer Tax.” It sure seems that the gig is up for the Dems running the State, and this tax stunt is merely a way to raise much needed revenue for their ongoing bankrupt scams.
What is needed in addition to electing Steve Hilton, is a grass roots Tax Payer Revolt, just as Howard Jarvis did years ago. Seniors need tax relief now! Property taxes, gas tax, income taxes, all need to be on the ballot.
Preaching to the Choir on this one. How do you tax a person unearned income?
How is this article going to get into the hands of those who see green coming there with this maybe windfall? But little do they know this will not be a one and done program.
I would support a Ca tax reform that took into account corporate and personal taxes and put together a flat tax with graduated brackets. Get rid of all the loop holes and fancy deductions.
If Ca is the forth largest economy in the world why not leverage this tremendous advantage and make it the third largest, instead of driving our industry and workers and our billionaires to tax free states that are beating us on so many levels.
It is the largest economy in the world..for thieves .
They NEVER entertain the alternative: CUT SPENDING. If you want to fund new crap programs that the citizens don’t need…CUT SPENDING.
The everyone gets Taxed plan from Dems. Thanks Newsome & allies
NO on 40
It is clearly a really stupid idea and for the first time in my memory, I would almost agree with Newsom. Unfortuanately, he, and the rest of the socialist politicians that are power hungry mongrels are just going to try to get a national wealth tax rather than the California version so that they can insure that the people that actually drive the economy and produce untold wealth cannot escape the burn. I actually think that we should require Newsom and all the rest of the politicans that espouse this nonsense to spend a year in Cuba or North Korea to get a close up view of what their clearly stupid and illogical policies entail for the people that live in those countries have to live with. Maybe they should also visit Afghanistan where the populace is so restrained by religious extremists that they have absolutely no freedom at all, and they are subject to the whims of the insane "leaders" of their country. Labor unions in this country have devolved into a socialist/communist entity that has no business wielding any measure of power, but their members continue to buy into their nonsense as well. Those memberships also need an awakening to see the results of the nonsense that their leaders are promoting. If we did not have the creative genious of those that have wealth and are building wealth for us all, we would be so much poorer for the loss of the real entrepreneurship that exists in this country that is so superior to the rest of the worlds efforts, (with some exceptions, like Israel that has had to be very creative to survive.).
What I would like to know is how does Newsom , he’s a millionaire, going to get away with not paying his share?
He’s obviously next in line for his own ideas.
He must have already figured out how to save his own millions . Honestly can anyone answer that question for me?
The Democrat Socialist Communist Party has become one of cryers and complainers that require safe spaces with crayons, coloring books, hot cocoa and therapy dogs. In my humble opinion, if you don't have the intelligent wherewithal to become wealthy, than you are inherently jealous of those that do have the ability. I don't disparage a legal African American immigrant like Elon Musk to have created the wealth that he has. If you can legally, then you should.
As stated before.
Taxes are paid by customers - cost of doing business. Prop. 40 is a joke
Can’t wait to see how they force liquidation of assets; then a loss is occurred, do they get to write-off losses against gains? I think not!
The problem with Cal props is that they are worded to be appealing to low information voters. This is one of them. And the only solution is to elect officials with common sense management. But.... sadly, we may have passed that point. Vote in November. It may be our last stand. John
Unless and until envy is eliminated from the human heart, this battle against stupid and vengeful taxes will never end. It amounts to fighting wild fires in California. We can extinguish them this year but we will have to fight it all over again next year, and the year after that
CA Behavioral Health Services Act (BHSA,)now only accepts MEDICAID clients. How many law abiding, tax paying US CITIZEN MEDICARE clients were dropped? How many MEDICAID ILLEGAL ALIENS are now BHSA clients? How many ILLEGAL ALIEN clients are TERRORIST, MURDERERS?
CA Judicial System, CA Franchise Tax Board (CFTB,) must be held financially liable for their criminal negligence. Twenty-Two (+22,) years ago, 2004 CA Governor Arnold Schwartenigger signed CA Revenue & Taxation Code 19280 into law, (CAL19280,) https://codes.findlaw.com/ca/revenue-and-taxation-code/rtc-sect-19280.html CAL19280 can require CFTB collect delinquent CA court ordered criminal restitution, then bill the convict for the CFTB burden of collecting et al.
My 18 Jul 2015 (+ELEVEN YEAR,) Ventura Juvenile COURT CAL19280 is not enforced. Tip of the iceberg.
Parents liable for their criminal children: KNOWING THIS, parents pay more attention to their kids, their friends, why CAL19280 not taught K-12? Who suffers?
I realize it is a rhetorical question raised by Daniel Cerf, but it is very easy for government and its bureaucratic minions to tax 'unearned income.' Witness real property taxes on residential real estate. These can rise about 1% a year based on the current owner's purchase price. Of course add ons for school bonds, flood control, safe water, recycling centers and the like will increase as well. There are also 'business property taxes'. One fine day three folks arrived at my office with badges identifying themselves as 'county tax auditors'. Without any warrant or permission, they photographed and cataloged every computer workstation, every desk, every type writer, every chair, and ever file cabinet. A month later I received an 'annual' county 'business property tax' of $2900. I closed that office, never paid the tax and moved. And, one fine day, there will be a 'one time only, 5% tax on your investment account, your garage tools, your high capacity freezer (you don't need it so it is taxed). I will be down the road to oblivion by then, but my children will suffer.
Venture capital follows adventures that have propelled ideation from all the upgrades that Homo sapiens have created to improve living conditions starting at the very nature of survival of the fittest. It doesn’t just reward the invention first or its creator but also the complete implementation and improvements along the farm to market or disagreement to problem resolution at every intensity.
Meanwhile, the broad middle class can improve its condition by both work and applying some residual capacity to the market by investing in successful market contributions from stocks to value inherent in products valued by culture and civilization itself. Thereby improving the whole of national and even international contingency of parties.
The unfortunate and less able by a wide band of merits and potentials have always and until flourishing allows it, be at the mercy of charity and a hand up in the relentless pressure of a physical world still dictated by the second law of thermodynamics and a Darwinian structure sapiens still endure.😅