California Democrats are Planning to Raise the State’s Income Tax to 16.8%

[jamesbond]

A bill introduced in the Legislature this week would raise California’s top personal income tax rate — already the highest in the nation at 13.3% — to 16.8%, retroactively to Jan. 1.

To take effect this year, the bill would need to be approved by two-thirds of the Legislature before they adjourn Aug. 31. The Senate Governance and Finance committee will hear testimony on the bill Monday morning, but won’t vote on it. It would need additional action to move forward.

AB1253 would add a surcharge of 1% to incomes (joint or single) between roughly $1 million and $2 million, 3% on income between $2 million and $5 million, and 3.5% on income greater than $5 million, bringing the top rate to 16.8%. (The tax would actually take effect at somewhat higher incomes because of inflation adjustments.

The state raised taxes on the wealthy to 13.3% in Proposition 30, which was sold by then-Gov. Jerry Brown to voters as being “temporary,” and necessary for education funding. Democrats extended those “temporary” taxes to 2030 with a ballot referendum, Proposition 55.

The effects of the income tax hike were missed. Some high-income earners left the state, though not as many as critics predicted. Businesses continued to leave the state, but that was also the result of other factors, particularly the state’s regulatory environment.

https://www.breitbart.com/politics/2020 ... e-to-16-8/

[Moretorque]

I have been listening to the pension short falls all morning for California.

The Communal Dictatorship....

[E Irizarry R&B Singer]

California is "Californicating" sh.it over there because they want to drive more Libtards to the "swing" U.S. states in order to trump Trump. Maybe I'm clueless like Stacy Dash? Kien sabe?