I'll be on Dave Congalton's show in less than an hour talking California taxes. Late last week, Democrats in Sacramento unveiled a plan that would raise taxes on millionaires.
Specifically, AB 1253 would add a new section to the Revenue and Taxation Code to provide the following three higher tax rates (in addition to the existing ones):
- A 1% tax on income above $1 million, but not over $2 million
- A 3% tax on income over $2 million, but not over $5 million
- A 3.5% tax on income over $5 million
These thresholds would have to be recomputed for each tax year beginning on or after January 1, 2021 based upon the California CPI.
For those who are interested, here are some additional links for some of my source materials which will almost certainly enter into the conversation.
First, a great Bill Whittle video from 2011 demonstrating that you can't get everything you want just by taxing "the rich."
Here's a couple of articles on France's now-defunct millionaires tax from the last decade:
Here's a great short story by author Frank J. Fleming, "The Demon Capitalism."
And a somewhat related issue, Democrats' efforts to do away with the cap on the state and local income tax deduction.
I will update this page with the audio when it's available. You can listen live here.
The audio is now available. You can listen to it below.