It is time to pack up and leave this state. It is finished. Not only do they want to take state income tax, they want to let the county add an additional 1% and school boards add an additional 1%. They can increase sales tax as much as they want - and any of this only requires a simple majority to pass. If you live in a tax taker county, your property value will drop like a rock the second this monstrosity passes. Why? Who will voluntarily subject themselves to legalized theft?
- Your California income taxes could be as high as 12%.
- If you are in the highest Federal tax bracket, your tax rate is 35% which would mean you pay 47% in income taxes alone.
- Add roughly 3% for property taxes (my rule of thumb) and you are at 50%.
- Whatever obscene amounts they take for Social Security and Medicare - 5% maybe? That makes it 55 - 60% of your income.
The government wants more than half of everything you make, right off the bat. That doesn't include sales tax of 8 - 10%, and the myriad of fees, fines and assessments.
What do we get for it? The streets are a mess, the schools are a joke and every dealing with a government employee I can think of is more than unpleasant. Forget leaving the state, I want to leave the country. Let the baby boomer's kids pay for the mess the Baby Boomers have created.