Move Comes as Some Democrats Side with Billionaires to Oppose a Similar Tax on Them
As far-Left groups collect signatures to impose a “Savings Tax” on billionaires, CA Democrats are trying to claim that the middle class would be excluded. Today, California State Assembly Republicans forced a vote that exposed that Democrats are lying about excluding the middle class from having to pay an outrageous “Savings Tax.”
ACA-14 (DeMaio) would amend the California Constitution to explicitly prohibit the imposition of any “Savings Tax” on any state taxpayer. ACA-14 also provides the middle class with protections against unfair and costly tax hikes in the future by:
- Requiring honest ballot titles to disclose tax hikes presented to voters
- Restoring a two-thirds threshold to approve local special taxes
- Banning the imposition of the “Exit Tax” on residents fleeing the state and;
- Prohibiting any new gas, car, or mileage tax hikes without a vote of the people.
As the amendment would be included on the same ballot as the Billionaires Tax and would only take effect after that proposal is voted on, ACA-14 still lets the voters decide whether billionaires should pay a “Savings Tax” while providing middle-class taxpayers with an iron-clad protection that they would never be subject to the tax.
“Today’s vote is proof that Democrats are lying when they say they won’t impose a Savings Tax on the middle-class – they had a chance to protect middle-class taxpayers, and they chose not to,” said CA State Assemblymember Carl DeMaio.
The Savings Tax – which Democrats are trying to label a Wealth Tax – would confiscate a set percentage of an individual’s assets, including what they have in their savings and checking accounts, the equity in their home, and any stock or retirement accounts they have.
“California already has the highest income tax, property tax, gas tax, car tax, and sales tax – and now Democrats are trying to invent outrageous new taxes like the Mileage Tax and the Savings Tax to confiscate even more money from struggling families in our state,” DeMaio concludes.
Read the Full Text of ACA-14 – The California Taxpayer Protection Act