Crush Liberalism

Liberalism: Why think when you can “feel”?

California tries to destroy its economy once and for all

The Eagles were ahead of their time with Hotel California.  “You can check out any time you like, but you can never leave!”  From TaxProf:

A California activist is trying to gather the 694,354 signatures needed to place a tax initiative on the ballot that would:

  • Impose a new 35% income surtax (in addition to federal taxes and the existing 10.3% top state rate) — 17.5% (on all of the taxpayer’s income) when income exceeds $150,000 (single)/$250,000 (joint), and an additional 17.5% (again, on all of the taxpayer’s income) when income exceeds $350,000 (single)/$500,000 (joint).
  • Impose a one-time 55% wealth tax on assets exceeding $20 million held by a California resident or held in California by nonresident.
  • Impose an exit tax of between 36.5% to 54.3% on both income and unrealized appreciation in asset values over $5 million when a resident dies or leaves California.

Let that sink in for a moment: you are incredibly successful, living in CA, and one day you’ve decided that you’re tired of being taxed through the teeth to fund the deadbeats living off the public teat in Californiastan.  So, you do what got you rich in the first place (hint: it’s not marrying a ketchup heiress): you use your noggin.  Economic literacy tells you that it makes better sense to move to less tax-oppressive states that don’t want to punish you for being successful.  CA’s response?  “How dare you!  We’ll tax you through the nose on your way out!”

Until the people of Californiastan get their collective heads out of their Marxist backsides, they will continue their seemingly unstoppable slide into bankruptcy.  And I, for one, will laugh myself sore when it happens.

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August 27, 2008 - Posted by | big government, California, economic ignorance, socialism, taxes

5 Comments »

  1. California bigot.

    Comment by Henry | August 27, 2008

  2. 😆

    Comment by crushliberalism | August 27, 2008

  3. As one of those Californians who deplore what this great state has become, I say a pox on your house, CA legislature. You are what’s wrong with this state. I own property in Idaho, a state that still represents the American Ideal – I may end up there yet. What are you going to do California, when all the money leaves? And it will. People vote with their feet. That’s why Nevada and Arizona is growing so fast. Grow up California. The answer isn’t more taxes, it’s more fiscal responsibility – something you’re totally out of touch with.

    Comment by JoAnne Rogers | August 27, 2008

  4. If they go to the Denver Mint, they can probably get the rest of the signatures they need from those geniuses that are out there trying to levitate the Mint.

    What a waste of humanity.

    Comment by Kanaka Girl | August 28, 2008

  5. Arnie has been such a disappointment! I guess his wife and her family have finally “turned” him?

    Comment by tnjack | August 28, 2008


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