The L.A. Times reports:
reports:
Democrats in the California Legislature have unveiled a new effort to significantly raise tax rates on taxable income of $1 million and higher, an effort they say would provide billions of dollars to improve K-12 schools and a variety of government services vital to the state's recovery from the COVID-19 pandemic.
There's more:
Assembly Bill 1253 lays out three new surcharges on income tax for California's highest earners. It would impose a new 1% surcharge on adjusted gross income starting at $1 million, increasing to 3% for those who earn more than $2 million and rising to 3.5% for taxpayers with income above $5 million.
Socialist dreams are expensive:
AB 1253 would affect the tax returns of only 0.5% of those who filed in 2018, according to data compiled by the state Franchise Tax Board. But those taxpayers already account for 40% of all income tax revenue collected that year — a function of the state's strongly progressive tax structure.
California's highest marginal tax rate is 13.3%, higher than that of any other state, according to statistics compiled by the Tax Foundation, a conservative-leaning think tank in Washington, D.C. For years, critics of California's tax policy have warned that its most wealthy residents might consider moving to other states if taxes continue to rise.
When your budget is financed by a small group of people: you better hope they don't move. The government school teachers who don't want to go into work have dreams. It's all for the children.
