Arnold wants 15% flat state income tax!

[cindy25]

http://latimesblogs.latimes.com/lanow/2009/06/flat-tax.html

 

[MyLibertyStuff]

That wont happen

 

[hotbrownsauce]

!!!

 

[kalami]

That's roughly 5% more than what they currently get.

 

[anaconda]

http://latimesblogs.latimes.com/lanow/2009/06/flat-tax.html

Isn't that huge? Not counting Federal tax & FICA?

 

[0zzy]

At least it's flat! Right? Right? hahaha oh wow

 

[Objectivist]

NO!

 

[cindy25]

that would be higher than the top rate in any state

 

[0zzy]

that would be higher than the top rate in any state

rofl
only in california

 

[Mordan]

a 15% flat tax with the first 20 000 exempt is quite good... it doesnt tax the very poor (under 20 000k) and allows for success to be rewarded
a bit like the 13% flat tax in Russia.

compare this to 50% progressive tax here in some western europe countries.

 

[0zzy]

a 15% flat tax with the first 20 000 exempt is quite good... it doesnt tax the very poor (under 20 000k) and allows for success to be rewarded
a bit like the 13% flat tax in Russia.

compare this to 50% progressive tax here in some western europe countries.

:X
yukky 50%.

 

[TonySutton]

income tax is immoral. If you must have tax, I prefer a sales tax because it allows everyone to see the actual taxes they are paying.

I do not believe anyone should have to pay a tax on the basic necessities of life. Water, food and shelter. Nor do I believe they should have to pay tax on their property.

 

[nobody's_hero]

Is a flat tax a sales tax?

I've never really looked into the flat-vs.-fair debate. I would think that at least if you have a sales tax only, you could theoretically just stop buying stuff, which might ultimately force the government to drastically cut spending.

 

[JamesButabi]

If other taxes were abolished 15% would be very moderate.

edit* Just saw this was an income tax. Bleh

 

[Stary Hickory]

If ever there was a reason to move away from California. Maybe California should get rid of the leeches and mooches first then talk about taxes. At least it's just a state deal. But I cannot see anyone wanting to live there. 15% state tax + Federal taxes is insane.

Taxes are too high and it's all just back door wealth redistribution, with state employees benefiting from the largess of the state. It's quite sickening.

 

[ChaosControl]

California, trying to outdo federal taxes...

 

[Cowlesy]

<watches the exodus of california businesses from california>

15% is absolutely absurd when you couple that with Federal and Local income taxes.

 

[sdczen]

a 15% flat tax with the first 20 000 exempt is quite good... it doesnt tax the very poor (under 20 000k) and allows for success to be rewarded
a bit like the 13% flat tax in Russia.

compare this to 50% progressive tax here in some western europe countries.

This is a horrible idea. I think your numbers are misleading too.

Top rate Federal income tax rate is 35%
FICA tax is 7.65% (income limit in 2009 is $106,800), FICA payment at top level will be: $6,621
Medicare = 1.45%
California Income tax = 15%

That puts the total without FICA at 51.45% at the top level (don't forget to add the $6,621 for max FICA).

If you include all the "other" taxes California has, I would wager a guess that the top tax rates would be somewhere in the 60% ++ area.

The "Median income" in California is around $64K per year. This puts them into a 25% Federal Tax bracket.

Median income Tax rate:

Federal Income Tax: 25%
FICA: 7.65%
Medicare: 1.45%
California Tax: 15%

Total: 49.1%

With all the other taxes, this "Median" bracket will be paying close to 60% as well.

Tax revolt anyone?

 

[tangent4ronpaul]

It's at least 60%, then add in the cost of all the regulation and all the "hidden" taxes - do you really think the taxes on shipping, gas to transport stuff to a store, etc, etc, etc, don't get passed onto you in the final price?

-t

 

[Bodhi]

I think it is time to change my home of record!