Skip to main content

View Diary: The kids will destroy the GOP (318 comments)

Comment Preferences

  •  We Just Voted by Ballot Iniative (2+ / 0-)
    Recommended by:
    lotlizard, willyr

    Repealing Prop 13 for main residential properties is not likely to happen, although, I've heard rumblings of support for changing some of the commercial property exclusions in Prop 13.

    A larger point though, is that we voters, via ballot Proposition, elected to raise taxes on ourselves to pay for schools and such.   Here is why Prop 30 matters:

    * Creates four high-income tax brackets for taxpayers with taxable incomes exceeding $250,000, $300,000, $500,000 and $1,000,000. This increased tax will be in effect for 7 years.[3][5][6]

    * Imposes a 10.3% tax rate on taxable income over $250,000 but less than $300,000--a percentage increase of 10.6% over current policy of 9.3%. The 10.3% income tax rate is currently only paid by taxpayers with over $1,000,000 in taxable income.[7].

    * Imposes an 11.3% tax rate on taxable income over $300,000 but less than $500,000--a percentage increase of 21.5% over current policy of 9.3%.

    * Imposes a 12.3% tax rate on taxable income over $500,000 up to $1,000,000--a percentage increase of 32.26% over current policy of 9.3%.

    * Imposes a 13.3% tax rate on taxable income over $1,000,000--a percentage increase of 29.13% over current "millionaires tax" policy of 10.3%.

    This is the model for the nation.

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site