While Californians are still feeling the sting of income and sales tax hikes signed into law earlier this year, now comes news that state tax authorities plan to take a little more from their pockets.
For only the second time in 30 years, the tax board is lowering the point where each tax bracket begins, bumping many people into a higher category. At the same time, officials are cutting back some deductions. Everyone will pay more, even people whose bracket or income doesn’t change.
The extra sums will total as much as $140 per family, on top of the increases previously enacted.
Taxes by the back door, after we, the voters, voted down all the tax propositions that the assembly tried to get us to vote yes on earlier this year. And this is why we will soon be leaving California for a lower tax state. . .
And all this before the Chosen One’s healthcare taxes kick in. How’s that Hope and Change workin’ out for ya, California?
The political class will take care of its own first, boys and girls, even if you vote down their tax increases. They’ll find a way. Keep that in mind as the debate over the federal government’s annexation of health care progresses.
Taxing income is the political equivalent of crack cocaine: short term satisfaction, highly addictive, destructive in the long run.
Indeed, #4. It’s an axiom that what one taxes, one gets less of and what one subsidizes, one gets more of. We tax capital and industriousness and subsidize sloth and indolence, then are shocked when we get an idle, slothful populace.
I fear that this is not confined to California. We are on the verge of massive tax hikes at the federal level also. The more such hikes strangle the economy, the more the pressure will increase on the pols to tax even more punitively, at least against certain sectors of the population.