Thursday, August 28, 2008

Get Out While You Can...

Of course this isn't law yet, but someone thought it a good idea to try and put on the ballot in California.

From Tax Prof Blog via Ace of Spades HQ

California Ballot Initiative to Impose 45% Income Tax, 55% Wealth Tax & 36%-54% Exit Tax

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.

In case you're thinking of moving, Texas is full, try someplace else. And while I'm not a law professor wouldn't that law violate freedom of association which is I believe guaranteed somewhere in one of those old documents that people are always going on about?



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