That’s right Once again the dems in Cal are trying to make the poor poorer. How? By trying to raise property taxes on businesses. This will make products more expensive and thus everyone poorer!
Which businesses will it hurt the most. Not the large corporations, the small guy. Making them poorer. So, dems must love large corporation, right?
See how dems make people poor. It’s mean to vote democrat. Take Cal and NY as an example!
The first thing a democrat will say is Cal is not the poorest sate. That’s because they are told the federal poverty rate actually defines who’s poor and they may not have the critical thinking skills to understand how the cost of living effects the poverty rate.
Like gas prices and rents…
Do you think raising property taxes on business will increase the rate at which retail stores are closing due to competition online or slow it down?
Apparently, the dems in Cal never heard of the “retail Ice age”. Or perhaps their tech cronies don’t have enough money and want get those little guys out now!
See, if anything they should be lowering the cost to doing face to face retails sales, but they are not…
Here is the effect of raising taxes on businesses in Connecticut. There has been more out migration and less jobs for those who voluntarily or otherwise don’t leave.
But then it’s doubtful libs in CA have any desire to learn from their counterparts’ failures on the opposite coast.
Link please. Thanks.
Never mind. Found it.
Simply put it would take away the tax break that all businesses got on Prop 13 back in 1978. For those not familiar, Prop 13 froze property tax rates. And as long as you didn’t sell your house or business the tax rate was the same every year. For example my Mom’s house in Silicon Valley had a yearly property tax of $2,400.00. When she passed and her home was sold for $1.2M the new owners got the new tax rate of $13.341.00 per year.
As the article points out, there are major corporations like Intel and IBM and many movie studios that are paying property taxes at that 1978 rate. And as we all know, property taxes primarily go to supporting school districts. It seems to me that businesses that have had the advantage of paying really low property taxes for 42 years should be able to pony up a current tax rate.
This is exactly the same thing dems have been saying for decades in Cal as poverty and homelessness increased.
Dem policies have failed. If schools need more money, it’s not for lack of taxes collected. It’s elected democrat greed! Sadly, the dem voter cannot learn!
If more business leaves will the amount of taxes collected go up or down? If you are a small business barely making it, this will put up out of business…
Elected Dems must not care about small business, while complaining about large corporations, yet their policy does everything in their power to make theses giant corps even larger.
Looks like high taxes are part of the problem in Connecticut, with even major corporations leaving:
Middle class families can’t afford the high taxes, and they leave for more business and tax friendly states, generally where climate is more mild.
I sense an exodus of both big and small businesses and all but the wealthiest residents of California.
So they want to end the Baby Boomer tax breaks that were the canary in the coal mine of the Reagan Revolution.
Ehhh, that article deals with personal income tax, no?
Below are the actual income tax brackets for CT historically.
https://www.cga.ct.gov/2018/rpt/pdf/2018-R-0058.pdf
I’m not sure there’s anything more misleading than this graph in the Illinois paper.
In reality, they’re talking about a tax hike in the 20k-100k range from 4.5% to 5% from 1991 to today. Yeah, .5% is 11% of 4.5%, but for a family earning 75k a year (CT median household income), we are talking about the following.
1991: 4.5% of 75k = $3450
2020: 3% of 20k + 5% of 55k = $3375
Virtually a wash, so no difference to the middle class family as a result of today’s tax bracket versus 1991.
The issue in Connecticut vis a vis taxes is that property taxes have shot up but home values have not, the result (or cause?) of a population decline. Their issue is not in income tax progressiveness, which has very little impact on middle class take home pay, but in the property tax increase.
The exodus of big corporations from California started in the early 1970’s. Prop. 13 was passed in the hope that freezing business property taxes would help. But there were some corporations that had their home base there but manufactured outside California. And they were able to find other states that were more tax friendly. However large tech companies did stay there. When Prop. 13 was passed there was much nervousness because the space race was ending and there was no clear sign that there was going to be new technologies to fill the gaps. And then the demand for integrated circuits kicked in and Silicon Valley went nuts.
Those tech companies have caused gentrification by supporting dem’s policy. And they manufacture mostly in China…
The poverty rate in California has been going down. In 2014 it was 15.5% and in 2018 it was down to 12.8%.
And California did not create the majority of the homeless folks there. They are from other states and went to California because of the nice winter weather.
And for your information a lot of the tax laws that were put in place in the 1970’s that proved harmful for the state were done by then Governor Ronald Reagan.
The tech companies cause gentrification in a very simple way. They pay their employees a lot of money - a lot of money.
There are always to aspects to economics. Supply and demand. You only addressed the demand side…
Thanks for showing how much better people were doing under Trumps economy than Obama, even in Cal
Then why does NY have the second highest of homelessness and it’s got harsh winters?
California isn’t even it the top 10 for highest poverty rate.
Those would be mostly red states -
https://worldpopulationreview.com/state-rankings/poverty-rate-by-state
I already covered that when I explained that many people on the left don’t understand cost of living’s effect on poverty.
Now ask yourself, how else have you been fooled?
