Oh, please, tax us some more. That seems to be the sentiment of the voters in California and nationally. California voters by a substantial margin endorsed Gov. Jerry Brown’s tax hike on high earners and a 1/4-cent sales tax. Hey, everybody is for taxing high income earners until they become high earners themselves.
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Likewise, President Obama was reelected with not much of an agenda for the next four yearts other than to raise taxes on anyone making more than $200,000 and increase capital gains taxes so those millionaires and billionaires won’t get off with only paying 15 percent. Billionaire Warren Buffet said it ought to be so and so Obama invented the Buffet rule. The Buffet rule says no other billionaire ought to pay a lower tax rate than Buffet’s secretary. Of, course he could have evened things out by giving his secretary stock options, so the rest of the taxpayers don’t have to pay more just because he’s too chintzy to share the wealth with his secretary.
It’s not just high earners who will be hurt by an increase in the capital gains tax. Retirees, counting on selling their stocks or 401k mutual funds during their retirement will pay capital gains. If the rate is raised, then the gain from the sale will be substantially reduced by the capital gains tax. Seniors will be stuck in a tax death spiral as they hit age 70 and are required to start selling a portion of their Individual Retirement Accounts each year.
And watch out for an increase in the Medicare premium, which is automatically deducted from Social Security checks.
Yes, there will be taxes everywhere. But no taxes for library services in the Placerville area. Look for hours to be reduced at the Main Library.