California Voters Appear to Favor Higher Taxes for the Wealthy
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/
Why Are the Ultra-Wealthy So Good at Avoiding Taxes?
While many in the media, as well many lawmakers on the left, would have you believe that the nation’s wealthiest individuals are really good at skipping out on their taxes and that they don’t pay their fair share, the fact is, in most cases, that’s not true. Yes, it is true that many of he…
Why Aren’t People Spending Their Tax Refunds?
Economists, politicians and people in general like to discuss the nation’s economy and where it stands at any given moment. There are many different points that are touched on and several aspects that are used as evidence to make important points. However, one indicator of the economy’s health that can never really be argued is…
Tax Exemption Legislation Could Be Good News for Political Donors
The Republican lead Congress recently passed some new legislation – without garnering much attention at all – that could be a big boon for major donors of political organizations and groups. The bill could protect big donors from having to pay gift taxes on their large donations to these political groups. The bill, which is…
To Extend or Not to Extend, That Is the Question?
Have you looked at your calendar yet today? Have you noticed that April 15 has already come and gone? Of course, it’s pretty hard to miss tax day, but some people actually do. So should you file an extension now if you didn’t make it on time? Some people believe filing an extension is a…