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AN 8.0 EARTHQUAKE WOULD CAUSE LESS DAMAGE

August 27, 2008

A Californian must really hate his state. What other explanation could there be for the initiative he is trying to get on the California Ballot in 2010 that has these provisions:

- Impose a one-time tax of 55% on property exceeding $20 million of a California resident or held in California by nonresident;

- Imposes a tax of between 36.5% to 54.3% when a resident dies or leaves California;

- Imposes additional 17.5% tax on total incomes of taxpayers with income exceeding $150,000 if single, $250,000 if married;

- Imposes additional 35% tax if incomes exceed $350,000 if single, $500,000 if married;

- Requires State to acquire shares of specified corporations (i.e. GM, Ford, ExxonMobil, etc.) to influence environmental practices.

If they get the needed 694,354 ballot signatures for this, it still faces some huge constitutional hurdles. It just goes to show - as bad as things are in California, there's always somebody working to make it worse.

More from the Tax Policy Blog and the TaxProf.

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Comments

On the contrary, it might be a brilliant ploy by a fiscal conservative free marketer. He wants to increase GOP/conservative turnout in the election, and this is a great way to do it.

I can't think of a better way to get the rich, young, liberal Google people to switch sides.

The other possibility is that the measure is an idea by those who have major investments in AZ and NV. Anyone who owns a lot of AZ/NV real estate stands to benefit a lot by making CA bad for rich people.

The economic polarization of this country over the last 30 years has reached epic levels - even higher than in the late 20s. This is the most economically polarized advanced industrial country in the world. The rich should welcome this with open arms if they want to avoid social chaos and rebellion. As people increasingly come to understand that Obama is essentially Bush 3.0, there is the real concern that they will abandon the political duopoly.

I am interested in doing something similar in Washington State. I would like to confer with others who are interested in preventing socioeconomic disruption. Please email me at livemore@operamail.com.

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