In the category of stuff you can’t make up, our friends at the Tax Foundation recently wrote about a proposed constitutional amendment (ACA 11) floating around in California that “would increase taxes by $12,250 per household, roughly doubling the state’s already high tax collections, to fund a first-in-the-nation single-payer health-care system.
“The top marginal rate on wage income would soar to 18.05 percent – nationally, the median top marginal rate is 5.3 percent – and the state would adopt a new 2.3 percent gross receipts tax (GRT), at a rate of more than three times that of the country’s highest current pure GRT.
“All told the new tax package is intended to raise an additional $163 billion per year, which is more than California raised in total tax revenue any year prior to the pandemic.”
Wow. We can’t wait to see who in the Minnesota legislature will propose a similar tax package.
You can read the full report from the Tax Foundation here.
You can read the Fox News report on Assemblyman Kalra’s decision to kill the bill here.