California Tax on the Rich
It was very eye-opening to see some of the stats that came to light as part of Rob Reiner's preschool proposal. The funding for his proposal would come from a tax increase on Californians making over $400,000/$800,000 per couple. Apparrently, a 1.7% tax on such individuals would generate $2.4 billion in revenues. That's pretty amazing. So I guess there are about 180,000 couples making this kind of money, eh? Good for them! Given that this group is also likely benefiting from very low dividend and capital-gains taxes much more so than the common man, it seems fair to hit them with some pretty high marginal taxes. The neat thing about state income taxes though is that they are federal tax deductible. So about a third of that $2.4 billion comes right out of the federal coffers and stays a little closer to home. I'm really not a fan of high taxes, so I'd tend to support tax increases on the wealthy mainly to save taxes for the less wealthy. A tax such as this might put about $150/year back into the pockets of more middle-class Californians. What do you think?
posted by Chris @ 1:14 AM
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