Prop 30

When Prop 30 was introduced on the ballot, here in CA, I personally didn’t give it much of a chance. How wrong can one be?? It passed, by 53 % to 46% and now, we are all fucked! Well, not all of us. My sincere thanks goes out to all you people out there who have no idea of what you’ve actually done by voting YES. Prop 30 is detailed below, at the end of this post. In a nutshell, anyone earning over $250K get taxed more, and we also increase the sales tax here in CA, which is already at a whopping 7.25%, and that’s just the minimum, depending on what part of California you actually live in. Sales tax here in San Jose is likely to climb to 8.75%. What a joke! It annoys me intensely, in fact it just plain pisses me off, that only 25% aprox of the eligible tax payer in CA pay income tax of any kind! And yet, ALL voters are entitled to vote for something that will only affect that small minority who are paying tax in the first place! Well thanks very much, whoever you are, in your home down in San Diego, or Barstow or wherever you live or have arrived from. What on earth is this State coming to? We are the 5th largest economy on the planet, we are broke, we have 30 million people living here, and yet, we cannot control our own destiny? What incentive is there for anyone with half a brain and the desire to earn a decent living, to habit this ‘sunshine state’ anymore? The answer is very simple, NONE! As far as I’m concerned, and I’d love to hear from anyone out there who is reading this blog, my days in CA are numbered. Look at Nevada, Delaware, Florida, Washington, all without State income tax. Look at Oregon, no sales tax. Are they all broke? NO, is the simplest of answers. So, why is CA in such a mess, and why am I, me, yes, the one and only, along with other ‘morons’, (because that’s what we’ve become) paying for the mistakes and mismanagement of stupid, idiotic and power-hungry, careless politicians, like Jerry Brown et al? What gives our local government the right to take money that I’ve earned and distribute it to causes they feel might be more deserving, or just to balance their budgets. I never screwed up their budget, I never mismanaged this economy, but, and it’s always a huge BUT, just because I’m doing OK in life, means I have to subsidize the rest of the State? Bollocks!

With all that said, it’s time to pack up and go to a state that is business friendly and tax friendly. There are several, mentioned above, but before I go, I would like to thank all of you out there in LA LA land, for your inability to see the big picture. Apple, Google, Facebook, Larry Ellison, Baron Hilton, George Lucas, to name but some, all live or have their companies situated in CA. Why would they now decide to stay here? There are no good reasons, no business reasons, and no reasons that make any sense, other to run to FL, Texas, or somewhere where life is more conducive to us entrepreneurs. Small business, big business, it matters not. We are all the lifeblood of this state and this state will fall quietly to its demise with out us. We are as important, if not more important than anyone who picks strawberries, cleans bathrooms or teaches kids basic education. Without us, California dies. Why then did this Prop even make it to the ballot box? It made it because the democrats who run the State of CA, have their heads up their asses. They say that they were left no choice. Bullshit! There are always choices, but the easy option is always taxes, more taxes and then taxes on top of taxes. Ever looked at your phone bill? Take a look and count the taxes. Our lives are being run by Neanderthals, and I challenge any one of them or ALL of them, to come on this blog and tell me why, what they believe in and what they are doing, is good for anyone, other than them? They thrive on chaos, they love disruption and their ability to appeal to a lower class audience, and I use that term loosely, has gained too much importance in their ability to see common sense.

I am done with my rant, because I need to go and find another place to live and I am frightened by the time I publish this, Governor Brown might put a Prop on the 2016 ballot to tax bloggers. Read the Prop below and anyone in OR or WA who would like me as a neighbor, please get in touch, I am on my way!

 

Proposition 30, a Sales and Income Tax Increase Initiative, was on the November 6, 2012 ballot in California as an initiated constitutional amendment, where it was approved.[1]

Gov. Jerry Brown led the charge for Proposition 30, which was a merger of two previously competing initiatives; the “Millionaire’s Tax”and Brown’s First Tax Increase Proposal.[2]

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.

Estimated revenue from Proposition 30 vary from Jerry Brown’s $9 billion estimate to the $6.8 billion estimated by the non-partisan Legislative Analysts Office (LAO).[9]. The difference stem for the volatility caused by capital gains income from high-income earners, an issue in California’s tax system previously identified by the Legislative Analysts Office (LAO).[10]

 

 

 

One thought on “Prop 30

  1. All I can say, is, remember all the discussions we used to have and then you will understand how smart people don’t understand the effect on voting to give government more control of our money…even if it isn’t “their” money..It’s all money that we now can not put back into the economy…

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