Congrats California. Prop 30 passed

[JustRalph]

Cannot believe these fools............

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%)

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.

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.

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%.

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

[delayjf]

And it won't work - it will not solve CA financial mess. Were told the money will go to schools, by schools they mean teachers pension plans. Ultimately, as payback for supporting his election, Obama will bail out CA and probably NY.

[BlueShoe]

Prop 32, which would have curbed massive union contributions to politicians through mandatory paycheck deductions failed. With both props 30 & 32 going the wrong way the real winners were the communist unions, their bosses, and most of their rank and file members. The losers are the children that will never benefit one bit and the citizens of California. Once again California has shown the world that it is the center of insanity, just as it did in 2010.

[Striker]

Originally Posted by JustRalph

Cannot believe these fools............

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%)

That's nothing. Come on out to Chicago where the baseline sales tax is 9.5% but there are add ons for groceries and medical supplies, and the restaurant tax is between 10%-11%.

[mostpost]

California voters figured out that the true cause of the financial crisis in that state was years of failing to keep taxes at a reasonable level. Now they must face the painful task of paying for that failure.

[PaceAdvantage]

Originally Posted by mostpost

California voters figured out that the true cause of the financial crisis in that state was years of failing to keep taxes at a reasonable level.

you forgot...."to pay for the entitlement culture...."

[statepierback]

I voted no on this and of all the results this one erks me the most. Its not about schools its about the insolvent state pension program. They got a bail out for the time being. Somewhere down the road there will be a need to restructure that system. I can't believe the voter allowed themselves to get hood winked here. Gov. Brown put one over.

[BlueShoe]

Originally Posted by PaceAdvantage

you forgot...."to pay for the entitlement culture...."

California has 12% of the nation's population but 33% of it's welfare recipients. After all, someone has to support all those illegals and pay for their food stamps, Wic vouchers, free school meals, section 8 rent, etc., right?

[TJDave]

Originally Posted by statepierback

I can't believe the voter allowed themselves to get hood winked here. Gov. Brown put one over.

Voters knew what they were doing.

[JustRalph]

Originally Posted by BlueShoe

California has 12% of the nation's population but 33% of it's welfare recipients. After all, someone has to support all those illegals and pay for their food stamps, Wic vouchers, free school meals, section 8 rent, etc., right?

Dont forget those items are paid at a higher level than any other state

[BlueShoe]

Originally Posted by JustRalph

Dont forget those items are paid at a higher level than any other state

For sure. That is why leeches from all over come to California; get those nice juicy bennies and lots of free stuff, all at the generosity of the taxpayer.

[delayjf]

California voters figured out that the true cause of the financial crisis in that state was years of failing to keep taxes at a reasonable level. Now they must face the painful task of paying for that failure.

What prey tell would you describe as reasonable with regards to state income tax.

When they say the money is going to schools they mean the teachers pension fund. Dems also are very close to getting a super majority which will allow them to raise taxes at will. Some beleive that the only way to fix this state is to let it fail. Personally, I glad Paul Ryan is Chairman of the House Budget committee - so he can squash any pension bailout.

Most Post, at the very least, this will be a good test for your "higher tax rates leads to economic growth theory" because guess what, this new tax increase is retroactive to this year.

I'm guessing a lot of Hollywood tax attorneys got phone calls today. I'm also guessing a lot of Hollywood types will be moving to their ranches in Montana and Wyoming.

[Steve 'StatMan']

Originally Posted by TJDave

Voters knew what they were doing.

I'll contend that those voting for the tax were mostly those who wouldn't have to pay that tax.

[Tom]

We should restrict voting on tax bill to property owners.
Paid up, of course.

[delayjf]

I stand corrected, the Legislature has the super majority - they can now tax at will. Stand by