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Joe Biden isn’t the
only one with plans to raise taxes.
So is the People’s Republic of California. Not only are state lawmakers
considering higher taxes on current residents, they also want to tax people
who’ve already left the state.
The backdrop to the California tax proposal is a massive $54 billion deficit. Yet rather than
cut spending or end giveaways to liberal interest groups, California’s
powerful government unions have demanded higher taxes. The current proposal is targeted at the wealthy
and would apply to virtually all assets they hold everywhere, even outside of California.
Worse, people who left the state within the last 10 years would still be
forced to fork over money.
The bill’s liberal backers say it’s all about attacking the rich, but every
Californian would get hurt in the end. Higher taxes drive away job creators
and can raise less money than intended, leading to calls for even higher
taxes on even more people — all without solving the underlying spending
problem. Since California is often where the worst ideas get their start,
this terrible tax hike needs to fail.
→ Read more:
California wealth tax could become first of its kind in US under new proposal
(San Francisco
Chronicle)
→ Read more: Before
proposing a new wealth tax, maybe California should actually try studying it
first (Yahoo)
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