According to Cox, income tax in the state would be cut by 25% for everyone regardless of income or what tax bracket they are under. Under this system, California’s highest income tax payers, those who make more than $1 million a year, would see their income tax percentage fall from 13.3% (12.3% plus an added 1% mental health services tax) to roughly 10%. For those making around $50,000 a year and paying an 8% rate, this would fall t0 6%.
As personal income tax amounts to $123.3 billion of California’s $175.3 billion in total state income, Cox is proposing massive cuts amounting to $30 billion from California’s budget, including the elimination of California’s long delayed high-speed rail program, ending the recently passed healthcare law expanding Medicare to illegal immigrants over 50 and several other areas he deems as ‘wasteful spending’.
“I will implement the largest tax cut in CA history: $30 Billion. That’s more than double any other proposal. It’s a 25% across the board cut. It will put $30 Billion back into the hands of Californians. After all, it’s their money, not the government’s,” tweeted Cox on Friday. “Californians should benefit from tax cuts, not select corporations. Corporate loopholes in California are sometimes big and obvious and sometimes they are smaller and barely noticed, but they all add up. I will eliminate them.”
Californians should benefit from tax cuts, not select corporations. Corporate loopholes in California are sometimes big and obvious and sometimes they are smaller and barely noticed, but they all add up. I will eliminate them. #CAgov #RecallNewsom pic.twitter.com/lSCGxzSYYN
— John Cox (@BeastJohnCox) August 6, 2021
Cox had previously criticized tax plans proposed by other candidates, such as former San Diego Mayor Kevin Faulconer’s plan to stop all income taxes for those making under $50,000 a year and families making under $100,000 a year, as well as giving some breaks for those making under $1 million a year. Cox said that Faulconer’s plan was “very meager in terms of its reach” and did not go far enough.
Other candidates, such as former Congressman Doug Ose and Assemblyman Kevin Kiley (R-Rocklin) have not given proposed tax plans to date either but would likely also be in favor of tax cuts due to their respective past support of lowering taxes and opposing higher taxes in California. Current recall frontrunner, radio host Larry Elder, and reality show celebrity Caitlyn Jenner have both not had elected experience in covering taxes nor have they released a proposed tax plan yet, but it is widely expected, as evidenced by prior announcements, that they would also be heavily in favor of tax cuts in the state as well. An upcoming second debate, as well as the election being only around 5 weeks away, makes it likely that other top candidates will release proposed tax plans soon.
“Faulconer and Cox laid down a new hurdle, so the rest will probably play catch-up in time for the next debate,” explained San Diego-based policy researcher Wanda K. Martin to the Globe on Friday. “If Newsom continues to fall, questions will likely shift from him to more direct questions on what the candidates will do and believe. A big part of that is tax policy. All six will be invited again, so it’s important that it comes out before then.”
The recall election will be held on September 14th with by-mail ballots expected to go out soon.
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