Charles Munger Update – $10Billion Tax Increase Measure on people earning $70K a year or more.

You and your spouse have a job that pays $35K a year? – Billionaire Charles Munger wants to rip you off.

Here is the article from Cal Political News:

The Munger kids have a multi-billionaire father, Charles Munger, Sr.  He works with Warren Buffett, who considers Munger his “partner” in the financial world.  Buffett is the man who believes we pay too little in property taxes and income taxes–yet OWES a billion dollars to the IRS.

Charles Munger, Jr., son of Sr., was the largest donor to the amateur Arnold and his political action committees – giving somewhere between $24-27 million -and that does not count the money his wife gave.

Charles Munger, Jr. believes the California Republican Party is too conservative.  He may have spent  as much as $100,000 to make the GOP Platform a moderate document.  At each Republican convention, he spends big money to collect proxies so as to control the votes  at the meetings.  Want to know why the June primary will not have GOP nominees?  Munger spent $14 million to assure Republicans will not get a nominee in many districts and some statewide races. To top that he bankrolled the ”Citizens” Commission Initiative to undertake the recent redistricting.  That commission was hijacked by the Democrat Party and its radical partners.  When over 700,000 signatures were gathered for a referendum on the skewed Senate lines, Munger cared more about his initiative than Republicans and asked that the signatures not be turned in.

Now, his sister, a former ACLU award winner, NAACP attorney, wants to spend some of her money to get you to transfer $10 billion to the government for its failed schools.  That is on top of Arnold, Gray, Willie and a couple of billionaires who want you to pay ANOTHER $10 billion to give to schools and bail the State out of its fiscal mess.  In total, the special interests and billionaires want an extra $25 billion from you – so far.

Molly Munger wants to get the money this way:  “The state’s 5 percent personal income tax raises about $50 billion; Munger’s plan would bring in an additional 20 percent by raising the rate an average of 1 percentage point. But it would keep the current system’s progressivity, so 92 percent of the extra money would be paid by families earning more than $70,000, with 50 percent, or $5 billion, coming from those earning more than $300,000, Munger said. For those couples with taxable income above $5 million, the marginal tax rate would rise 2.2 percentage points to 12.5 percent; they’d pay the most.”

To a billionaire earning $70,000 is rich–can she believe that?  This will assure productive people will flee the State–is that what she wants?

Of course, it will never result in that much revenue being collected because it will drag the California economy down even further as even more people leave this state to avoid our high taxes and high regulations.