Tax changes / proposals - discussion

Here’s the final vote on AB 205 in the assembly. The Democrats all voted for it and the Republicans all voted against.

I do not have the vote in the Senate but see this

Edit.

I, like the video in your link, suspect that most of the legislature and the governor did not know about this provision.

It is their job to read the bills they vote on and they are handsomely paid for it

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What planet are you from? Per Mr. Pelosi’s wife, “we have to pass the bill so that you can find out what is in it, away from the fog of the controversy.”

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Some recap on that

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It’s one thing to want the wealthier to subsidize the utility bills of the poorer but that’s definitely counter-productive to disconnect consumption this much via a flat fee, at least not if you pretend to care about reducing consumption and CO2 emissions.

When people effectively don’t care how much things cost, they’ll abuse and overuse. Proven many times over from healthcare, unemployment benefits, government handouts to food, gas, office supplies, etc.

But hey maybe I should go retire in CA then…

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That’s not a recap of how it was spent. The “fiscal cliff” Volcker Alliance report is about federal COVID money that predates the 2022 surplus. The expanded Medicaid coverage (cost $2.6B) is the only thing that started in 2022. It doesn’t mention anything else about how the surplus was spent.

Some back tax penalties from the pandemic era are being forgiven, including crediting people who paid those penalties already.

https://www.wsj.com/personal-finance/taxes/irs-waives-nearly-1-billion-in-penalties-for-taxpayers-3f717627?mod=hp_lead_pos2

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You could’ve provided a quick summary, xerty :slight_smile:. Here’s one before anyone misreads or misinterprets what’s happening:

So they stopped sending reminders, some people forgot that they owed money and accrued penalties, now those penalties are being forgiven. Even though normally not receiving those notices is not reasonable cause for penalty relief.

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The 2024 standard deduction and income tax brackets

Edit. For my fellow residents of Taxifornia. Does not include myriad other local taxes and vehicle registration and utilities income tax, etc. etc.

Edit 2. Keep in mind that California taxes capital gains as ordinary income.

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Your link for CA contains some 2022 numbers. The 2023 standard deduction is 5363/10726, personal exemption 144, dependent exemption 446. Tax News | FTB.ca.gov

This website says 2024 tax brackets are the same as you quote for 2023. The 9.3% bracket for an individual kicks in at 68,350.01 ??

I gave you the link to the official government website and you’re trying to argue by providing links to non-government websites?

CA updates tax brackets closer to the end of the calendar year.

The guy who got a IRS related job solely to illegally access Trump’s tax returns and leak them to Threaten Our Democracy gets 5 years and the maximum sentence. He also leaked tons of rich people’s returns to the leftists at ProPublica to gin up hate of the Evil Rich.

Hanging’s too good for him. I’m sure he’ll get lots of Democratic Party slush money when he gets out.

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If he got the max sentence anyway, why did he plead guilty? Don’t people normally plead guilty to get a discount?

Not the person who’s taking one for the team.

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The first item of the plea argument states that the defendant agrees to plead guilty to ONE count of unauthorized disclosure. The 3rd part of that plea agreement also states that defendant understand the max sentence is 5-yrs for this one count.

So back in October when entering in the plea agreement, he may have looked at the total sentence of multiple not guilty pleas vs. one count only where he was almost certain to get the max or close to it. Hard to know but I think this was the wiser choice for him.

Overall, sentence seems fair to me. Clearly deliberate planned undefendable invasion of privacy for disclosing tax return information.

I think 5 years in prison should be a deterrent for most people considering what the public actually gains in the disclosures at this point. Everyone already knows that the rich fall short of paying what most people would agree is a fair amount of taxes. Exactly how short they fall and what loopholes they exploit to do so is mostly immaterial. I just assume that any billionaire pays $0 income taxes which is a fairly accurate rounding of the actual amounts of taxes paid compared to the effective tax rate of small business owners or middle class employees. Failure to release their tax returns as a candidate is just a de facto confirmation of that fact.

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First world problems- the irs looks into (taxable) personal use of business owned (and expensed) private jets.

https://www.wsj.com/personal-finance/taxes/irs-to-audit-companies-wealthy-taxpayers-over-personal-use-of-corporate-jets-e531f8b4

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Sounds fair to me but also a drop in the bucket.

I’m not sure how pervasive the abuse of this is but it may still be worth the time of IRS agents considering how much could be recovered in each unreported instance of personal use.

Better than auditing me for sure. :wink:

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The Big Guy, now confirmed to be our Commander in Chief, thinks you should pay more.

https://www.bloomberg.com/news/articles/2024-03-01/biden-will-push-higher-taxes-for-the-rich-in-state-of-the-union
Back up link

  • BIDEN WILL PUSH HIGHER TAXES FOR THE RICH IN STATE OF THE UNION

The White House didn’t offer additional details, but on the campaign trail lately, Biden has been advancing the idea of raising the corporate tax rate from 21% to 28% as well as a tax hitting capital gains for billionaires.

Along with pledges to lower prices for prescription drugs, Biden, will call for lowering Americans’ health insurance premiums.

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Ah yes, the “wealth tax” again. It will Be interesting to see where the Silicon Valley and Wall Street donations to the Democrats go if this passes. Also, how many move out of the country? Bezos of Amazon recently moved to Florida “to be near his parents” and coincidently to avoid the Washington state tax on stock sales.

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Also does not hurt that Florida has no estate tax compared to 20% in Washington… Not blaming him though, we’d all do the same to minimize taxes even if on a much much lower scale.

This is a campaign promise. Kinda like shooting the breeze while knocking back a cold one on your porch on Sunday afternoon. No real bill is gonna come out of it any time soon, unless somehow Dems control all 3 chambers again in 2025 maybe. With the TCJA already raising tax rates in 2026, I think whoever is in power in 2025 will have to be careful about tax proposals that’d end up raising taxes further.

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