Jared Walczak of the Tax Foundation wrote a blog post yesterday with news that doesn’t seem possible: California — an already high-tax state — wants to double its tax revenue.
No matter how Walczak breaks down the proposed constitutional amendment, the numbers are astounding. It would increase the top marginal income-tax rate to 18.05 percent. That’s 7.05 percentage points higher than Hawaii, the next highest state, and 12.75 percentage points higher than the national median. It would increase taxes by an average of $12,250 per household. “All told, the new tax package is intended to raise an additional $163 billion per year, which is more than California raised in total tax revenue any year prior to the pandemic,” he writes.
It is a never ending process in California. The COLAs are coming and municipalities do not have the income. We are still working with a major teachers contract that was never funded after a series of tax battle losses by the unions. A nightmare of a tax battle and one percent of us have already headed out of state.
No comments:
Post a Comment