Good day all. With the tax cuts orchestrated by President Trump and the GOP starting to have an effect, the Democrats of Kalifornistan have an answer. Raise taxes of course.
The Trump tax cuts dropped the corporate rate from some 35% to 21%. This has led to a number of things not predicted by the Democrats. First were pay raises and bonuses for employees. Next, companies that had been parking money offshore due to the extortionate tax rates in the United States, began planning to bring all that cash home and invest it in American.
This flies in the face of the predictions of the Democrats of course. They said “People will die!” and that the bonuses and pay increases were “Breadcrumbs.” One group that isn’t benefiting from the tax cuts are the Democrats natural constituencies, super rich liberals in deep blue states such as Kalifornistan. Well, Kalifornistan has come up with the perfect solution to losing all their deductions for their rich patrons. They are going to raise taxes! Here are the details from SFGate:
California lawmakers are targeting the expected windfall that companies in the state would see under the federal tax overhaul with a bill that would require businesses to turn over half to the state.
A proposed Assembly Constitutional Amendment by Assemblymen Kevin McCarty, D-Sacramento, and Phil Ting, D-San Francisco, would create a tax surcharge on California companies making more than $1 million so that half of their federal tax cut would instead go to programs that benefit low-income and middle-class families.
“Trump’s tax reform plan was nothing more than a middle-class tax increase,” Ting said in a statement. “It is unconscionable to force working families to pay the price for tax breaks and loopholes benefiting corporations and wealthy individuals. This bill will help blunt the impact of the federal tax plan on everyday Californians by protecting funding for education, affordable health care, and other core priorities.”
As a constitutional amendment, the bill would require approval from two-thirds of the Legislature to pass, a difficult hurdle now that Democrats have lost their supermajority. If passed and signed by Gov. Jerry Brown, it would then go to voters for final approval.
Somehow, I don’t think even the drug addled nitwits of Kalifornistan would be stupid enough to approve this measure. If they actually did and it went into effect, the next thing that would happen would be even more companies closing their doors and either going out of business, or getting out of the state. However, you never know. They just might be that stupid.
California Democrats have been exploring ways to help those in the state who could end up paying higher federal taxes next year under the Republican tax overhaul.
And do you know who those people are? Why it’s rich liberals with all those McMansions. They stand to lose their tax deductions for their property tax, their income tax and their mortgage deductions. That means they will have less money available to bribe donate to Progressive Democrat politicians. That simply will not do!
State Senate President Pro Tem Kevin de León introduced legislation this month that would allow Californians to get around the state and local tax cap with a voluntary donation to a charitable fund created by the state of any amount of owed taxes above $10,000. That donation — in lieu of taxes — would allow donors to write off the gifts on their federal tax returns.
Yeah, there’s a few problems with that. First, a donation is a choice. It isn’t a requirement. If this were to become law, do you think anyone will send in voluntary donations? Does the phrase, “Are you effing Kidding Me?” sound familiar? If they make it a mandatory donation, well guess what? It’s not charity, it’s mandated tax or fee. Then it’s up to the IRS whether or not it’s actually tax deductible. Care to guess how they will see it? I hope they are as stupid as I think they are and actually make this into law. Then it will be time to buy stock in moving companies.
The Democrats see people’s money as actually belonging to them. You’re just allowed to hold it for a while. When the Democrats demand it, you must hand it over. They might be persuaded to let you keep a small pittance for yourself. Naah, they’re going to want that too. After all, in the minds of the Liberal Progressive Democrat, all your money belongs to them.
Thatisall
~The Angry Webmaster~
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