Billionaire Tax
The rat bastard commies in Mexifornia are at it again.
Oakland Assemblyman Rob Bonta held a press conference Thursday announcing his legislation to tax the state’s wealthiest job creators and innovators – the 30,400 billionaires living and working in California. This first-in-the-nation net worth tax is estimated to generate $7.5 billion per year in new “revenues” to the state coffers.
However, the state already taxes the income that built that billionaire wealth. And California has the highest rates in the nation. Why should successful Californians pay additional taxes on wealth and income that’s already been taxed?
Good question.
Bonta’s justification for another wealth income tax on top of the highest tax rates in the nation is a “crisis in inequity” he says was created by the coronavirus. “During this pandemic, California has taken a massive economic hit that threatens to devastate our schools, social services and virtually every sector of our economy,” Bonta said. “Families are suffering as millions of Californians have lost jobs, suffered pay cuts, or endured reduced work hours.”
But the coronavirus did not create “inequities” or the struggling families. California families have long-suffered under high taxes, business-killing regulations, high cost of living, unaffordable housing and high rents, and encroaching state and local government.
Yep.
[…]
“The California Wealth Tax would impose a tax on an extremely limited number of individuals (30,400 billionaires) who hold the highest levels of wealth,” Bonta said. “These are individuals who have successfully participated in California’s economy and gained tremendous wealth as a result. Requiring these well-resourced Californians to make a small additional contribution to keep our people working and prospering is the right thing to do.”
“We cannot let this moment pass,” Bonta said, calling his bill “a progressive approach.”
And what do you expect those overtaxed billionaires to do? They’ll move to Florida and Texas. Elon Musk has already moved a factory to Texas. Unfortunately, they’ll take their voting habits with them and vote for the same “progressive” policies that they are fleeing from.
Mexifornians are like a virus that kills the host and then looks for other hosts to kill. Look what they did to Oregon and Colorado.
When the billionaire tax doesn’t generate the required revenue – those taxes never do – look for Mexifornia to come out with a millionaire’s tax.
“Tax the rich,
feed the poor,
’til there are no rich no more” – Ten Years After
