Please contact Gary Reed with any commentary questions: email@example.com, (916) 234-3081. But like everything else in the time of COVID-19, the census has been delayed and made more difficult. 15 would also harm small businesses who rent. They’re also seeking to raise taxes on past earnings and levy the nation’s first tax on accumulated wealth. I cover the intersection of state & federal policy and politics. Getting a good amount of attention this week is our blog post on a California initiative proposal to raise income taxes on high-income earners, impose a new wealth tax, and seize 55% of assets in an exit tax. We’ll see the impact to our roads, our health care system, our education system and everywhere else where we rely upon federal dollars. Every 10 years we must make a census count of all the people in the United States and this is the year. “A semi-new taxation wrinkle is being tried in several San Francisco Bay Area communities — direct taxes on business,” Walters added. Census Day was April 1, 2020, meaning the federal government was directed to determine the number of people in the United States as of that day. announced at the end of August that it’s paying a termination fee in excess of $89 million to cancel a lease for 490,000 square feet of office space to be constructed near its current San Francisco headquarters. In addition to a more distributed workforce, Pinterest’s decision to scrap expanded office space in the Bay Area will also allow the company to avoid the added costs that would come with a heightened property tax liability, added costs that will soon become uncapped for California commercial property owners and subsequently passed on to renters if Prop. You may opt-out by. Channel 411 The proposed tax scheme would blow past the current 13.3 percent top tax rate for individuals by increasing the rate to 14.3 percent for incomes above $1 million, topping out at … The new threat: a first-in-the-nation combination wealth tax and exit tax. That would amount to $10,000 per person lost over the next decade. Opinions expressed by Forbes Contributors are their own. Luggage with flag of california. Fox Business Network anchor Neil Cavuto questioned California State Assemblyman Rob Bonta on “Cavuto: Coast to Coast” Friday over his proposal to institute a 0.4% wealth tax on Golden State residents worth more than $30 million. Channel 411 News According to the California Taxpayers Association, there will be 237 local tax and bond measures whose fate will be decided this November. The census process is supposed to end on Dec. 31, 2020. The census serves two purposes: it decides our political representation, and, more importantly, it determines how federal spending is divided up among the states. All Rights Reserved, This is a BETA experience. “The majority of small business owners, upwards of 80%, rent their property,” explains the National Federation of Independent Business’s John Kabateck. “A more distributed workforce will give us the opportunity to hire people from a wider range of backgrounds and experiences. AB 2088 would not only impose the nation’s first state wealth tax, it also seeks to continue assessing that tax for ex-Californians up to ten years after they’ve moved away. A PricewaterhouseCoopers analysis shows that California lost $1.5 billion in federal funds because of an undercount in the 2000 census. California’s proposed wealth tax includes an unusual twist — the tax would apply to former residents for 10 years. Prop. Tony Quinn has also written about the Republican problem with voting by mail. 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