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Author Topic: Massive New Tax Increase Proposed 16.8%  (Read 296 times)

Offline Bronx

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Massive New Tax Increase Proposed 16.8%
« on: August 02, 2020, 07:41:01 AM »
California here I come....wait...what......?

I wonder if Wonder Boy Gavin Newsom is going to use former Gov. Jerry Brown famous words of........"Temporary Taxes"

https://lao.ca.gov/ballot/2012/30_11_2012.aspx

Massive New Tax Increase Proposed 16.8%

Gutting-and-amending a bill originally related to local governments in the Public Resources Code, Assembly Bill 1253 now proposes a massive tax increase on thousands of sole proprietors and high-income Californians. AB 1253 was amended on July 27, the Legislature’s first day back from its extended summer recess.

Originally authored by Assemblyman Robert Rivas when it dealt with the Strategic Growth Council, the bill is now jointly authored by eight Assembly Members: Santiago, Bonta, Carrillo, Chiu, Gonzales, Kalra, Stone, and Wicks. Assembly Members Chu, Jones-Sawyer and Ting are coauthors, while Senators Skinner, Durazo, Gonzalez, and Wiener are also coauthors.

AB 1253 would add Revenue and Taxation Code Section 17044 to create three new tax rates for amounts of income above specified thresholds. As a tax levy, it would take effect immediately upon the Governor’s signature and chaptering by the Secretary of State. The bill would apply retroactively to tax years beginning on or after January 1, 2020. As a tax increase measure, it would require a 2/3 vote of both houses of the Legislature pursuant to Article XIIIA, Section 3 of the California Constitution.

READ MORE HERE......
https://californiaglobe.com/section-2/massive-new-tax-increase-proposed-on-california-small-businesses/



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Online Killer Clouds

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Re: Massive New Tax Increase Proposed 16.8%
« Reply #1 on: August 02, 2020, 08:00:58 AM »
If there has to be a reduction in spending the first thing that should go is all of the money being used to fund services for illegal aliens. I don't care what they say there has never been a "temporary" tax increase. It's always permanent.

Offline Hokey_Pokey

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Re: Massive New Tax Increase Proposed 16.8%
« Reply #2 on: August 02, 2020, 08:38:27 AM »
Where do you get 16.8%?

The exact structure is :

17044. (a) For each taxable year beginning on or after January 1, 2020, in addition to any other taxes imposed by this part or the California Constitution, an additional tax shall be imposed as follows:

(1) At the rate of 1 percent on that portion of a taxpayer’s taxable income over the adjusted one-million-dollar ($1,000,000) amount, but not over the adjusted two-million-dollar ($2,000,000) amount.

(2) At the rate of 3 percent on that portion of a taxpayer’s taxable income over the adjusted two-million-dollar ($2,000,000) amount, but not over the adjusted five-million-dollar ($5,000,000) amount.

(3) At the rate of 3.5 percent on that portion of a taxpayer’s taxable income over the adjusted five-million-dollar ($5,000,000) amount.

Besides being mathematically incorrect, 10 grand out of a million adjusted gross income is nothing. In Trump Terms that will equate to a Mc Donald's or KFC combo #whatever for every meal every day of the year. 

Offline Bronx

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Re: Massive New Tax Increase Proposed 16.8%
« Reply #3 on: August 02, 2020, 08:52:10 AM »
Where do you get 16.8%?

The exact structure is :

17044. (a) For each taxable year beginning on or after January 1, 2020, in addition to any other taxes imposed by this part or the California Constitution, an additional tax shall be imposed as follows:

(1) At the rate of 1 percent on that portion of a taxpayer’s taxable income over the adjusted one-million-dollar ($1,000,000) amount, but not over the adjusted two-million-dollar ($2,000,000) amount.

(2) At the rate of 3 percent on that portion of a taxpayer’s taxable income over the adjusted two-million-dollar ($2,000,000) amount, but not over the adjusted five-million-dollar ($5,000,000) amount.

(3) At the rate of 3.5 percent on that portion of a taxpayer’s taxable income over the adjusted five-million-dollar ($5,000,000) amount.

Besides being mathematically incorrect, 10 grand out of a million adjusted gross income is nothing. In Trump Terms that will equate to a Mc Donald's or KFC combo #whatever for every meal every day of the year. 

TDS is very strong in this one................ :lol: :lol: :lol: :lol: :lol:

You do know this is just in California and has nothing to do with Trump.

Where did 16.8% come from...the article you numbnut............... :thumbsup:

"If AB 1253 were enacted, the 13.3% rate would rise to 14.3% for incomes above $1 million and the state’s highest rate would be raised to 16.8% for incomes above $5 million".


I'm sorry Solar I have to do it............. :thumbsup:



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Online walkstall

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Re: Massive New Tax Increase Proposed 16.8%
« Reply #4 on: August 02, 2020, 09:38:59 AM »
California here I come....wait...what......?

I wonder if Wonder Boy Gavin Newsom is going to use former Gov. Jerry Brown famous words of........"Temporary Taxes"

https://lao.ca.gov/ballot/2012/30_11_2012.aspx

Massive New Tax Increase Proposed 16.8%

Gutting-and-amending a bill originally related to local governments in the Public Resources Code, Assembly Bill 1253 now proposes a massive tax increase on thousands of sole proprietors and high-income Californians. AB 1253 was amended on July 27, the Legislature’s first day back from its extended summer recess.

Originally authored by Assemblyman Robert Rivas when it dealt with the Strategic Growth Council, the bill is now jointly authored by eight Assembly Members: Santiago, Bonta, Carrillo, Chiu, Gonzales, Kalra, Stone, and Wicks. Assembly Members Chu, Jones-Sawyer and Ting are coauthors, while Senators Skinner, Durazo, Gonzalez, and Wiener are also coauthors.

AB 1253 would add Revenue and Taxation Code Section 17044 to create three new tax rates for amounts of income above specified thresholds. As a tax levy, it would take effect immediately upon the Governor’s signature and chaptering by the Secretary of State. The bill would apply retroactively to tax years beginning on or after January 1, 2020. As a tax increase measure, it would require a 2/3 vote of both houses of the Legislature pursuant to Article XIIIA, Section 3 of the California Constitution.

READ MORE HERE......
https://californiaglobe.com/section-2/massive-new-tax-increase-proposed-on-california-small-businesses/


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Always remember "Feelings Aren't Facts."

Online Killer Clouds

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Re: Massive New Tax Increase Proposed 16.8%
« Reply #5 on: August 02, 2020, 10:06:48 AM »
Kalifornia keeps doing this garbage and the demonrat overlords can't figure out why taxpayers are leaving. Then to top it off they keep offering FREE FREE FREE to illegal aliens further depleting what taxes they do collect.

Offline Bronx

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Re: Massive New Tax Increase Proposed 16.8%
« Reply #6 on: August 02, 2020, 10:30:56 AM »


I love the picture especially the license plate hanging by one screw on the railer. They had to leave...they couldn't afford the second license plate screw.............. :thumbsup:
People sleep peacefully at night because there are a few tough men prepared to do violence on their behalf.

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Offline joesixpack

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Re: Massive New Tax Increase Proposed 16.8%
« Reply #7 on: August 05, 2020, 08:20:21 AM »
Eh, a 1% - 3% increase for income once you pass $269K up to $1M.

That's not a "massive" increase.

4% increase on income made after $1M. 7.7% increase on income once you pass $5M.

Honestly, none of that too terrible.

It's democracy at work.

99% of Cali residents don't have an income over $1M.
Rules of Engagement
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Online Solar

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Re: Massive New Tax Increase Proposed 16.8%
« Reply #8 on: August 05, 2020, 08:39:47 AM »
Eh, a 1% - 3% increase for income once you pass $269K up to $1M.

That's not a "massive" increase.

4% increase on income made after $1M. 7.7% increase on income once you pass $5M.

Honestly, none of that too terrible.

It's democracy at work.

99% of Cali residents don't have an income over $1M.

Bingo!!! :lol: :lol: :lol: :lol: :lol: :lol: :lol:
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Offline supsalemgr

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Re: Massive New Tax Increase Proposed 16.8%
« Reply #9 on: August 05, 2020, 08:44:35 AM »
Eh, a 1% - 3% increase for income once you pass $269K up to $1M.

That's not a "massive" increase.

4% increase on income made after $1M. 7.7% increase on income once you pass $5M.

Honestly, none of that too terrible.

It's democracy at work.

99% of Cali residents don't have an income over $1M.

Thanks for explaining why we are not a democracy.
"If you can't run with the big dawgs, stay on the porch!"

Offline joesixpack

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Re: Massive New Tax Increase Proposed 16.8%
« Reply #10 on: August 05, 2020, 09:11:06 AM »
Thanks for explaining why we are not a democracy.

Are our State representatives not elected in free and clear democratic elections?

I'm not sure what you're getting at.
Rules of Engagement
Reps pre 1912 = mostly Progressive
Dems pre 1928 = mostly Conservative

Offline supsalemgr

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Re: Massive New Tax Increase Proposed 16.8%
« Reply #11 on: August 05, 2020, 09:39:00 AM »
Are our State representatives not elected in free and clear democratic elections?

I'm not sure what you're getting at.

I am not surprised.
"If you can't run with the big dawgs, stay on the porch!"

Online Possum

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Re: Massive New Tax Increase Proposed 16.8%
« Reply #12 on: August 05, 2020, 03:59:46 PM »
Are our State representatives not elected in free and clear democratic elections?

I'm not sure what you're getting at.
Even Venezuela, Cuba, Russia, etc all make that claim. You sure like to beat a dead horse don't you.

Offline ModelCitizen

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Re: Massive New Tax Increase Proposed 16.8%
« Reply #13 on: August 05, 2020, 04:30:18 PM »
Even Venezuela, Cuba, Russia, etc all make that claim. You sure like to beat a dead horse don't you.

Don't compare us to those slums! We are not a Banana Republic or ruled by a despot. We are FREE and our votes actually count!

Online Solar

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Re: Massive New Tax Increase Proposed 16.8%
« Reply #14 on: August 05, 2020, 04:33:33 PM »
Don't compare us to those slums! We are not a Banana Republic or ruled by a despot. We are FREE and our votes actually count!
You'd have to understand our resident troll Joesixpack, he's been trying to claim we're a democracy, and falling on his face every post.

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