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
Denny, Love you bro but where the hell did this article or the deluded commie assemblyman come up with the figure of 30,400 billionaires in CA? Everything I can see shows about 639 in the whole country…
https://en.wikipedia.org/wiki/List_of_U.S._states_by_the_number_of_billionaires
The same place that all the leftists in CA get their reasons – out of their ass.
All of these RBC’s look at the Pareto distribution of wealth and see people like Bezos and Gates at the top. The gummint’s themselves, especially the Fed’s, are the ones at the top of the Pareto distribution. They control hundredfold times Bezos’ and Gates’ wealth, but they want it all.
“the 30,400 billionaires living and working in California.” 30,400 billionaires?
Maybe they meant Brazillians. How many is that anyway?
You guys don’t expect the commies to be able to differentiate between billionaire and millionaire, do you? To these politicians, anyone who has more money than they do is rich and must be stripped of their wealth and holdings. It’s for the children , dontchaknow?
An thus they cut of the head of the goose that laid the golden eggs, yet to never get another egg after.
That fairy tale still has a great lesson to teach after all these centuries. Powerful story and lesson behind that one.
Aside from the weather why would ANYONE want to live in California? I’m betting the folks fleeing the riot centers out east are not moving to California.
The beach and the mountains. It’s a beautiful state. Unfortunately, the rat bastard commies have ruined it. My sister lived in the Bay Area for almost 40 years. Moved there in 1967 for a job with Lockheed Missiles and Space. My BIL loved sailing on SF Bay. At one time, they had a Newport 28 sailboat that he loved to race. I crewed for him a couple of times. As the state moved left, they grew to hate living there. As soon as she retired they packed up and moved to South Carolina. Now he sails his Flying Scot and MC Scow on Lake Murray.
These Tax-the-Rich-Bastard schemes all have two things in common: 1) the promised/expected revenue never materializes and 2) the spending based on the new tax revenues proceeds as though it did.
If you’re a Lefty, the obvious answer is to raise the taxes on the “rich” even more.
hmmm. hollywood and Pelosi. might work.
1,042,027
In California, there are 1,042,027 millionaire households, for a ratio to total households of 7.7 percent, according to the Phoenix Marketing International report that tracks high net-worth households.Feb 1, 2019
Rank State/ federal district Number of billionaires
1 California 165
2 New York 118
3 Florida 58
4 Texas 56
It’s easy to be a millionaire when your 1800 square foot house is worth over a million. My sister’s old house in the Bay Area (1859 square feet) is worth over two million now. They paid $185K back in 1985. It has more than doubled in price since they sold it around 2003.
That Ten Years After quote probably sounds like it’s based on compassion to listeners who don’t think much about it. Why didn’t Alvin Lee say “Till there are no poor no more?” Those lines are based on hatred, not compassion — hatred of the rich for being rich.
You can bet your donkey, this “tax” will find it’s way down to the average working stiff barely scraping by in Kookafornia on about $75K/yr. Now that seems like a nice income, but in Kookafornia it is damn close to poverty. Hopefully they will just tax those living in the coastal counties, since most of those assholes vote Commie, so they will gladly fork over more taxes. Right?
Fitting, in a Sci Fi kind of way. “I saw… its thoughts. I saw what they’re planning to do. They’re like locusts. They’re moving from planet to planet… their whole civilization. After they’ve consumed every natural resource they move on… and we’re next. Nuke ’em. Let’s nuke the bastards.” President Whitmore, Independence Day movie.
There are 30,400 billionaires in California ? Well now we know how to fund the reparations being demanded by Black Americans…….By the way how many cotton plantations were there in California before the Civil War? Do illegal Mexicans qualify for reparations ?
Here is a better idea …….Freeze the assets of California billionaires, begin mass IRS audits for them & most importantly give California back to Mexico !