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Home › Forums › Financial Markets/Economics › Prop 30 passes… Get ready to bend over…..

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  • November 7, 2012 at 7:30 AM #20253
    Coronita
    Participant

    Proposition 30:

    Raises California’s sales tax to 7.5% from 7.25%, a 3.45% percentage increase over current law. (Under the Brown Tax Hike, the sales tax would have increased to 7.75%)[3][4]

    Creates four high-income tax brackets for taxpayers with taxable incomes exceeding $250,000, $300,000, $500,000 and $1,000,000.
    This increased tax will be in effect for 7 years.[3][5][6]

    Imposes a 10.3% tax rate on taxable income over $250,000 but less than $300,000–a percentage increase of 10.6% over current policy of 9.3%.

    The 10.3% income tax rate is currently only paid by taxpayers with over $1,000,000 in taxable income.[7].

    Imposes an 11.3% tax rate on taxable income over $300,000 but less than $500,000–a percentage increase of 21.5% over current policy of 9.3%.

    Imposes a 12.3% tax rate on taxable income over $500,000 up to $1,000,000–a percentage increase of 32.26% over current policy of 9.3%.
    Imposes a 13.3% tax rate on taxable income over $1,000,000–a percentage increase of 29.13% over current “millionaires tax” policy of 10.3%.
    If this proposition is passed in November, 2012, the income tax will apply retroactively to all income earned or received since the first of the year (1 January, 2012).

    Based on California Franchise Tax Board data for 2009[8], the additional income tax is imposed on the top 3% of California taxpayers.

    November 7, 2012 at 7:32 AM #753919
    Coronita
    Participant

    …Now where are my unrealized capital losses that I’ve been saving just for a situation like this…..

    November 7, 2012 at 8:28 AM #753931
    no_such_reality
    Participant

    So flu, you have two choices:

    1. make less money
    2. make more money

    If you make 10% more, you’ll have a percent or two more after tax money to spend.

    If you make less, you’ll have less.

    November 7, 2012 at 8:33 AM #753933
    Coronita
    Participant

    [quote=no_such_reality]So flu, you have two choices:

    1. make less money
    2. make more money

    If you make 10% more, you’ll have a percent or two more after tax money to spend.

    If you make less, you’ll have less.[/quote]

    I guess the poway school district board members get a raise this year afterall? 🙂

    November 7, 2012 at 9:45 AM #753974
    XBoxBoy
    Participant

    You ain’t seen nothing yet. Democrats will have super-majorities in both houses of the California legislature after this election. Let the taxing and spending begin!!!

    November 7, 2012 at 9:54 AM #753979
    no_such_reality
    Participant

    [quote=XBoxBoy]You ain’t seen nothing yet. Democrats will have super-majorities in both houses of the California legislature after this election. Let the taxing and spending begin!!![/quote]

    No what happened last time we did that?

    We got prop 13…

    November 7, 2012 at 10:04 AM #753986
    Coronita
    Participant

    [quote=no_such_reality][quote=XBoxBoy]You ain’t seen nothing yet. Democrats will have super-majorities in both houses of the California legislature after this election. Let the taxing and spending begin!!![/quote]

    No what happened last time we did that?

    We got prop 13…[/quote]

    Yup, but wait. Some people think we should repeal that now…Well at least for investment property (obviously from people who don’t own investment property)…

    November 7, 2012 at 10:08 AM #753990
    livinincali
    Participant

    [quote=flu]
    Yup, but wait. Some people think we should repeal that now…Well at least for investment property (obviously from people who don’t own investment property)…[/quote]

    Of course. It’s always ok tax and spend somebody else’s money. The problem with going down that path is eventually we come up with some tax and spend where “you” are the somebody else’s money.

    November 7, 2012 at 10:34 AM #753997
    Oni Koroshi
    Participant

    Aside from the small sales tax increase, this won’t affect the income for most of us yet public education will benefit greatly which does affect all of us.

    November 7, 2012 at 10:38 AM #753998
    Coronita
    Participant

    [quote=Oni Koroshi]Aside from the small sales tax increase, this won’t affect the income for most of us yet public education will benefit greatly which does affect all of us.[/quote]

    It won’t do shit for public education.

    Bookmark this thread and let’s compare notes in 2 years to see if your local public school are any better off 2 years from now…

    Local schools know this…And that’s probably why there’s a bunch of local bond initiatives to fund schools locally.

    November 7, 2012 at 10:53 AM #754001
    XBoxBoy
    Participant

    [quote=Oni Koroshi]public education will benefit greatly which does affect all of us.[/quote]

    God it must be great to be young and idealistic still… Man I remember those days…

    November 7, 2012 at 10:53 AM #754002
    ucodegen
    Participant

    [quote=Oni Koroshi]Aside from the small sales tax increase, this won’t affect the income for most of us yet public education will benefit greatly which does affect all of us.[/quote]Problem is that throwing money at it does not mean you get quality. We have too many mixed agendas here.

    November 7, 2012 at 11:04 AM #754006
    no_such_reality
    Participant

    [quote=ucodegen][quote=Oni Koroshi]Aside from the small sales tax increase, this won’t affect the income for most of us yet public education will benefit greatly which does affect all of us.[/quote]Problem is that throwing money at it does not mean you get quality. We have too many mixed agendas here.[/quote]

    No we don’t.

    Most of the props and local measures all had one clear agenda. The trough is already lined up. It’s about the gravy, not the schools.

    That billion dollar tax loophole, Prop 39? Yea, that’s about gravy too, it was bankrolled by the green energy hedgefund guy, and well, the tax revenue from it for the next two years are ear marked for ‘green energy’.

    the death penalty prop, $100 million gravy for the police departments.

    prop 30, gravy central…

    November 7, 2012 at 11:11 AM #754011
    ucodegen
    Participant

    What I find interesting is that last night, with only 29% of the vote count.. 30 was losing, 32 was winning, and 39 was losing. While we can declare who won the electoral college on 29% of the vote, the additional 71% of vote completely reversed the status on these propositions. Around 22:25, the secretary of state stopped updating their website. Either there is a very significantly different demographic that got added in, or something is hinky.

    November 7, 2012 at 11:15 AM #754013
    meadandale
    Participant

    [quote=flu][quote=Oni Koroshi]Aside from the small sales tax increase, this won’t affect the income for most of us yet public education will benefit greatly which does affect all of us.[/quote]

    It won’t do shit for public education.

    Bookmark this thread and let’s compare notes in 2 years to see if your local public school are any better off 2 years from now…

    Local schools know this…And that’s probably why there’s a bunch of local bond initiatives to fund schools locally.[/quote]

    What everyone fails to understand in their California Liberal Utopia fantasy is that although the prop 30 money may be “guaranteed” for schools, there is nothing preventing the state from shifting current education spending in the state budget to other things now that this measure passed.

    Which will likely result in no net change or an actual decrease in education spending as this shift occurs.

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