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California Voters Poised To Kill Another Income Tax Hike

California has the highest income tax in the country at roughly 14%. A November ballot initiative, if approved by the voters, would hike the highest rate on the rich by another 1.4 percentage points in order to chase even more millionaires and billionaires out of the state.

The crazy initiative is a progressive fantasy version of having 40 virgins. It raises the highest tax rate to 15% on those making more than $2 million a year and it would use the money to fund zero-emission electric car purchases. We suspect that the rich would cash in on the Tesla subsidies by loading up their electric cars and vans with all their ownings and high tail it to Nevada, Texas, Tennessee, or Florida and pay ZERO state income tax.

Now for the good news. The latest poll from the Public Policy Institute of California found only 41 percent of likely voters support Prop 30. Amazingly, the tax hike would be so destructive to California small businesses that even CA gov Gavin Newsom is against it.

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