California's goofy legislature wants to double taxes to pay for universal healthcare

 PJ Media:

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There’s a constitutional amendment in front of the state legislature that would raise taxes astonishingly higher to fund the first single-payer healthcare system in the U.S.

Jared Walczak of the Tax Foundation broke down what the taxes would entail:

The new taxes would take three forms:
1. Surtaxes atop the current individual income tax structure beginning at $149,509 in income;
2. A graduated-rate payroll tax system with the top rate kicking in for employees with more than $49,990 in annual income; and
3. A gross receipts tax of 2.3 percent, excluding the first $2 million of business income.

There are some catches in this proposal, and they’re notable.

For starters, the payroll tax doesn’t apply to companies with fewer than 50 employees. At that 50th employee, the massive taxes hit hard.

Walczak explains:

Imagine, for instance, the overly simplified hypothetical of a company with 49 employees making $80,000 each. At 49 employees, the company has no payroll tax burden. Hiring one additional employee generates a tax bill of $90,000—more than that employee’s salary!

Needless to say, this disincentivizes small business growth.

The corporate gross receipts tax hurts even successful businesses with low profit margins, like grocery chains, and it’s disastrous for businesses operating at a loss.

The surtaxes also punish married taxpayers and make an already complicated system of tax brackets even more convoluted.

Related: California Vows to Be Abortion ‘Sanctuary’ if SCOTUS Overturns Roe

But it gets worse. The amendment makes it easier for California’s legislature to burden the state’s citizens with even higher taxes.

Walczak explains:

These taxes, moreover, could be increased by simple majorities in the legislature, as the bill exempts the three new taxes from the constitution’s supermajority requirements for tax increases. If a future legislature decides that doubling the state’s tax collections was insufficient, the constitution’s supermajority requirement would not stand in its way.

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They are giving people with high incomes even more incentives to leave California and come to Texas.  The same goes for businesses who would be hammered by California Democrats' government greed.