Tax The Rich: Says Brown….

[Coronita]

California wants to tax rich to solve budget woes

http://money.cnn.com/2012/05/14/news/economy/california-budget-taxes/index.htm?source=cnn_bin

For the lazy…

[quote]
The governor laid out his revised spending plan Monday. It would slash $8.3 billion from almost every part of the state’s government. But it would increase funding for K-12 education if voters approve his proposal to hike income taxes on the rich and sales taxes on everyone.

“We can’t balance this budget with cuts alone,” he said. “The budget I’m proposing will boost funding for education, protect public safety and prevent an even deeper round of trigger cuts.”

California’s budget predicament shows that states have yet to heal from the Great Recession. While state tax revenues have begun to recover, several states continue to be faced with tough cuts, especially if their revenue projections prove to be overly rosy.

The revision comes two days after Brown took to YouTube to urge residents to support his November tax proposal, which he said would prevent “severe” damage to schools. Brown has been hawking a tax hike since he took office in January 2011, but Republican legislators blocked his efforts last year.

The proposal calls for raising income taxes on the rich — those earning more than $250,000 — by up to 3 percentage points for the next seven years. It would affect about 1% of filers.

Also, the measure would raise California’s sales tax by a quarter of a point starting in January and lasting through 2016. That would bump up the average state sales tax rate to 8.4%.
[/quote]

Got Pensions?

[Wah-Wah]

come on people, buy something, anything. we need your sale tax $$

[Coronita]

Note to self…Post retirement move to a no-income-tax state and retire…

[enron_by_the_sea]

Lot of money is needed to fund pensions, welfare, prisons and high speed train …

By the way do not read much into proposed cuts by Brown in this budget. I predict that

(1) Legislature will never pass them
(2) Or they will be carefully designed such that courts will overturn them (that is what happened to many of last year’s cuts)
(3) Or they will go into effect and them someone will complain and then those will be rolled back (also happened last year.)

Luckily we are still allowed to vote on the tax increase. However I predict that after Nov election, Dems will finally get their 2/3 majority in assembly and senate. After that they will not even ask you to vote on it!

[Hobie]

Note to self, pre retirement, buy out of state RE attractive to California tastes. Honey, pass the brochure on Reno land. 😉

[Coronita]

[quote=Hobie]Note to self, pre retirement, buy out of state RE attractive to California tastes. Honey, pass the brochure on Reno land. ;)[/quote]

Oregon isn’t bad you know. If you don’t mind the rain.

[meadandale]

[quote=flu][quote=Hobie]Note to self, pre retirement, buy out of state RE attractive to California tastes. Honey, pass the brochure on Reno land. ;)[/quote]

Oregon isn’t bad you know. If you don’t mind the rain.[/quote]

Oregon isn’t bad…except for the Oregonians. I know too many people from Portland who are exactly like this:

http://youtu.be/l2LBICPEK6w

[bearishgurl]

[quote=Hobie]Note to self, pre retirement, buy out of state RE attractive to California tastes. Honey, pass the brochure on Reno land. ;)[/quote]

Stateline, NV is breathtaking, Hobie … with the CA you know and love right next door (literally across the street,) LOL! It consists of nearly all condo-timeshares but the further away one gets from the actual “state line,” more SFR’s prevail. A couple of miles makes all the difference!

I’m seriously considering buying a nice, older 3 bdrm “retirement” house situated on or near the free bus line in South Lake Tahoe, CA for $175K to $250K and turn into a “part-time ski bum.” Of course, my own annual state tax obligation is fairly minimal 🙂

[poorgradstudent]

Honestly, can’t we just decriminalize marijuana once and for all? Legailize it, tax it, and save boatloads of cash on prisons in the process.

I’m still torn on Brown’s specific proposal, although I agree that “We can’t balance this budget with cuts alone”. I think aspects of it reek of mediocre compromise, but I don’t hate it overall.

[poorgradstudent]

Then again, we could just reform Prop 13. But sadly that’s political suicide, even if it makes a whole lot of rational sense.

[sdduuuude]

[quote=bearishgurl][quote=Hobie]Note to self, pre retirement, buy out of state RE attractive to California tastes. Honey, pass the brochure on Reno land. ;)[/quote]

Stateline, NV is breathtaking, Hobie … with the CA you know and love right next door (literally across the street,) LOL! It consists of nearly all condo-timeshares but the further away one gets from the actual “state line,” more SFR’s prevail. A couple of miles makes all the difference!

I’m seriously considering buying a nice, older 3 bdrm “retirement” house situated on or near the free bus line in South Lake Tahoe, CA for $175K to $250K and turn into a “part-time ski bum.” Of course, my own annual state tax obligation is fairly minimal :)[/quote]

Not a bad plan. Not bad at all.

[EmilyHicks]

ha, not if you buy from Amazon.

I wonder who they will tax once the rich (white) folks are gone from the states? In another 30 years, many people here will be anchor babies and their illegal parents. They will probably pay almost nothing in taxes, drop out of schools, join gangs, sell drugs, prostitution. It is already happening in Compton, Santa Ana, Anaheim, and large parts of LA…This state is going down the drain.

[quote=Wah-Wah]come on people, buy something, anything. we need your sale tax $$[/quote]

[blake]

[quote=EmilyHicks]ha, not if you buy from Amazon.[/quote]

This will end next year.

The Price of Taxing the Rich

[paramount]

These tax increases are primarily for public employee(s)/unions.

We’re already taxed enough, Sacramento has a big spending problem, not a revenue problem.

Significantly cut public employee benefits and salaries.

Sadly, many will fall for the public employee unions tactics and vote for this tax increase to further line the pockets of public employees.

[paramount]

[quote=poorgradstudent]
I’m still torn on Brown’s specific proposal, although I agree that “We can’t balance this budget with cuts alone”. I think aspects of it reek of mediocre compromise, but I don’t hate it overall.[/quote]

Yes, we can balance the budget with cuts. Cut pensions, benefits for public employees NOW. Break the stranglehold public employee unions have on this state. California public employees/unions have bankrupted California.

Start privatizing state/local gov’t jobs wherever possible.

“California is exceptional in many ways when it comes to taxing its residents. The state has the highest statewide sales tax in the country, currently 8.25%. It also has the highest tax on gas, charging 46.6 cents per gallon. ”

[Author]

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