California Voters Appear to Favor Higher Taxes for the Wealthy

shutterstock_340204571-converted

 

It’s no secret that California has one of the highest tax rates in the country, especially when it comes to the wealthiest taxpayers. So it wasn’t much of a surprise when back in 2012 residents voted in favor of Prop. 30, which installed a temporary income tax hike on the wealthy. Now fast-forward to 2016 and that proposition is set to expire.

However, those affected by the tax may not being seeing tax any relief anytime soon. That’s because this year’s ballot includes a new proposition that aims to keep those increases in place. Proposition 55, which would extend the temporary income taxes for all those who make more than $250,000 annually, reportedly has the backing of a majority of the state’s voters.

According to a recent survey amongst more than 3,000 registered California voters, 65.3 percent of the participants said they are in favor of extending the tax hikes. Seventy-eight percent of democrats supports the proposition, while only 46 percent of republicans support it.

The study also found that in general most voters felt that their current level of taxation was too high, with republicans outnumbering democrats in that category 73 percent to 50 percent. Time will tell how this turns out, but if these numbers are an accurate indication then it looks like come November California’s wealthiest residents won’t have much to celebrate when it comes to taxes.
http://news.berkeley.edu/2016/08/16/new-poll-californians-back-extending-taxes-on-wealthy-upping-cigarette-tax/

Posted in
Matt Schultz

High Tech Leadership | Matt Schultz

  About Matt Schultz Matt Schultz serves as the current President of the Silicon Valley Chapter of the BYU Management Society (BYUMS). The BYUMS is a global organization that provides opportunities for local professionals to build their network and develop themselves professionally and personally. Matt, originally from Seattle, completed his schooling at BYU, earning an…

The Value of Investing | Elaina Serotte

  About Elaina Serotte Elaina began her career in 1999 at Morgan Stanley as a sales assistant in the Global High Yield Bond department in New York. In 2002, Elaina moved to MassMutual Financial Group in San Francisco as a Senior Financial Planner. She built her private client group from the ground up, serving over…

Greg Pickett; Real Estate for Startups

Real Estate for Startups | Greg Pickett

  About Greg Pickett Utilizing his background in real estate finance and his skills in the areas of communications and analysis, Greg Pickett represents the interests of corporate clients and their real estate needs. Greg specializes in representing tenants in the leasing and disposition of property on the Peninsula and Silicon Valley. Greg has represented…

Jukko – Meaningful Engagement on Mobile | Elizabeth Sarquis

  About Elizabeth Sarquis Elizabeth Sarquis is the founder and CEO of Jukko, the first ever mobile discovery platform designed to foster positive social impact. She is also the CEO and founder of Global Gaming Initiative. Elizabeth has worked extensively with United Way, the National Eating Disorders Association, Park Nicollet Health Services, and others to…