If you think that California is a failed state and one of the worst places to live in this country, then you’d be right.
However, if you thought that things couldn’t get any worse in California, you’d be wrong about that.
California is known for having some of the highest taxes in the entire country with some people paying 50% or more of their income to the corrupt government of the United States as well as California. But it’s still not enough, and honestly, I don’t think that they’ll be happy until everyone is paying all of their earnings to the government and they’ll tell you how much they’ll send you each month as your monthly allowance.
According to Fox Business,
California lawmakers unveiled a new bill at the beginning of the year that would establish a single-payer health care system – an ambitious plan that would be funded by nearly doubling the state’s already-high taxes.
A new analysis from the Tax Foundation, a non-partisan group that generally advocates for lower taxes, found that the proposed constitutional amendment would increase taxes by roughly $12,250 per household in order to fund the first-of-its-kind health care system. In all, the tax increases are designed to raise an additional $163 billion per year, which is more than California raised in total tax revenue any year before the pandemic.
Under the bill, the top marginal rate on wage income would soar to 18.05% – well above the median top marginal rate of 5.3% and the state’s existing rate of 12.3%. There would be an 18-bracket system, with higher taxes kicking in for individuals earning more than $149,509.The highest rate would apply to those who earn more than $2,484,121.
California would also expand the payroll tax paid by employees who earn more than $49,990 in annual income if they work for a company that has more than 50 workers. Walczak noted the plan could deter small businesses from expanding by inadvertently creating a tax cliff. For instance, if a company that had 49 workers earning $80,000 each hired one additional employee, they would suddenly create a tax bill of more than $90,000.
Finally, the state would also adopt a new 2.3% gross receipts tax (GRT) on qualified businesses minus the first $2 million in annual gross receipts, at a rate more than three times that of the country’s current highest GRT.
If this goes through, there will be the biggest exodus from the state that we’ve ever seen. I truly believe that the state would be practically left in ruins. If I lived in California and they did this, you can guarantee that I would be finding somewhere else to go in a hurry.
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