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California Insanity
Posted by: Dale Franks on Wednesday, August 27, 2008

California has always been known, in modern times, as a refuge of various cranks and whackjobs. Now, we'll get a chane to see exactly how crazy Californians really are. An accountant in Santa Monica has managed to qualify a ballot initiative for petition signature gathering. If he can obtain the requisite 694,354 signatures by January 2nd, 2009, The voters of California will be given a chance to vote on this initiative. Here is what the initiative provides:
  • Imposes one-time tax of at least 55% on property exceeding $20 million of a California resident or held in California by nonresident.
  • Imposes one-time tax (between 36.5% - 54.3%) on income exceeding $10 million when resident dies or leaves California.
  • Imposes additional 17.5% tax on total incomes of taxpayers with income exceeding $150,000 if single, $250,000 if married; 35% if incomes exceed $350,000 if single, $500,000 if married.
  • The proceeds of this money will be used to:
    • To purchase 30% to 51% of the oustanding shares of stock in ExxonMobil, Chevron, General Motors, Ford, Goldman Sachs, JP Morgan Chase, and Citigroup, in order to ensure California has an uninterrupted source of energy and financial capital.
    • To drain and restore the Hetch Hetchy Valley to it's condition at the beginning of the 20th century.
    • Use any Surplus funds to combat Global Warming, make infrastructure repairs and improvements, and to research alternative energy sources.
So, are 700 thousand Californians stupid enough to sign such a ballot petition? If so, is the state's electorate moronic enough to approve it?
 
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This is California. So you know the answers—yes, and quite possibly.

One benefit to this initiative if passed—all the leftist movie stars will make sure they own no property and receive no income in California.

And what is the Hecht Hechty Valley?
 
Written By: kishnevi
URL: http://kishnevi.wordpress.com
It is a reservoir now Kishnevi.
 
Written By: Dawnsblood
URL: http://
Google is your friend.

It is a dammed valley containing a reservoir and a 500MW hydroelectric power station.

My best guess is that we’re looking at a Che-style or "Free Mumia"-style movement, an iconic leftist cause that becomes a battleground disproportionately to its actual importance by sheer happenstance, and becomes a self-sustaining meme even despite tens or hundreds of other equally-plausible examples. I don’t see anybody explaining what’s so special about this dam vs. others.

On that note, given that San Francisco has resisted taking this dam down, including Sen. Feinstein, I suspect that there aren’t enough whackos in California to even get this on the ballot, let alone passed. But I wouldn’t bet much on that statement.
 
Written By: Jeremy Bowers
URL: http://www.jerf.org/iri
The proceeds of this money will be used to:

* To purchase 30% to 51% of the oustanding shares of stock in ExxonMobil, Chevron, General Motors, Ford, Goldman Sachs, JP Morgan Chase, and Citigroup, in order to ensure California has an uninterrupted source of energy and financial capital.

that’s just funny. Hell even Exxon can’t afford to buy 51% of their own shares.
 
Written By: mac
URL: http://
If it was only the first 2 bullet points, I’d believe it could get on the ballot easily and a 50/50 chance of passing.

The 3rd bullet point makes it a lot harder and the rest - well, even CA isn’t that crazy yet.
 
Written By: Grimshaw
URL: http://
Give us some credit.
 
Written By: Ronnie Gipper
URL: http://
Is that second point even legal? A tax on residents leaving California would seem to violate article four of the constitution.
 
Written By: Joe Canadian
URL: http://
"Imposes one-time tax (between 36.5% - 54.3%) on income exceeding $10 million when resident dies or leaves California"

A ’one-time’ tax when a resident dies? How droll. I would bet that the left would be more than willing to tighten border security to catch all those rich folks trying to leave without paying their taxes. They can hire consultants from the former Soviet bloc. I can hear it now, "Gov. Schwarzeneger, tear down that wall!".
 
Written By: timactual
URL: http://
They lefties have figured out that if you pummel companies and the rich with taxes, the just leave the area (at least in an accounting sense). Everyone else not long to follow.

So these kinds of proposals seems to have leaving penalties attached to them these days. I wouldn’t be surprised if Obama puts such measures in place before he implements the plans to bring about Utopia.
 
Written By: jpm100
URL: http://
When are they gonna get around to just confiscating any personal income or assets above 3 million bucks? Surely nobody needs more than 3 million bucks, right?

If they can do this tax, then why not that?
 
Written By: Terry
URL: http://
I think you guys are really underestimating Obama and the new guard of the Democrat Party if you think this is a California issue.
 
Written By: jpm100
URL: http://
And I care about the justifiable recovery of the ill-gotten gains of Californians Idle Rich, why?
 
Written By: Joe
URL: http://
The important thing to note here is that the organizer of the drive is an accountant

Who is needed on an ongoing basis for tax reduction strategies? That’s right, accountants.

When the (temporary) estate tax reduction bill was passed several years ago, who was against it? Accountants. Which profession wants the tax code as complicated as possible? Which profession is doing all that they can to complicate it?

Mind you, only the presence of so many fruitcakes in the state makes it a possibility, however remote. But the likely agenda of the organizer is professional.
 
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