Home>Articles>‘Commit to Equity Coalition’ Demands CA Billionaire Tax, Millionaire Tax, and Additional Tax on Stock Gains

Commit To Equity. (Photo: Commit to Equity screen capture)

‘Commit to Equity Coalition’ Demands CA Billionaire Tax, Millionaire Tax, and Additional Tax on Stock Gains

‘TAX THE PRIVILEGED for budget balancing revenue’

By Katy Grimes, August 20, 2020 7:23 pm

In a two-page letter to California Senators and Assembly members, “Commit To Equity,” a foolish organization created by labor unions and social justice groups, demanded hefty taxes on the state’s wealthy. “We cannot overstate how urgent it is for the Legislature to act now to raise new revenue,” the letter says.

Who is “Commit to Equity?”

“Commit to Equity is a statewide campaign of frontline workers, teachers, seniors, environmentalists, and advocates for social and racial justice,” the website says.

“We demand California Legislators DISMANTLE THE SYSTEMIC INEQUALITY built into our economic system that oppresses Black and Brown people and harms our most vulnerable while the rich get richer. TAX THE RICH AND FUND INVESTMENTS TO LIFT UP OUR COMMUNITIES.”(emphasis theirs)

“People are hitting the streets to rise up against racism and injustice,” a banner on its website says.

Another page says, “Campaign Across California Launched To Demand State Leaders Craft A Budget For Justice By Taxing The Privileged.” What will that demand look like? They are demanding “the governor and state lawmakers tax the privileged to fund real systemic changes that lift up communities of color and vulnerable groups.”

While “Commit To Equity” addresses that too many Californians have been hurt by the state’s COVID-19 shutdown, instead of demanding the Governor open the state back up immediately and let people get back to jobs and businesses, they instead demand additional hefty taxes imposed on the wealthy – the job creators, the innovators, the risk takers.

The “Commit to Equity” website even lists its founding members… labor unions, grievance and race hustlers, and rent seekers:

COMMIT TO EQUITY WAS FOUNDED BY THESE ORGANIZATIONS:

  • AFSCME California
  • Alliance for Boys and Men of Color
  • Buen Vecino
  • Build Affordable Faster CA
  • California Environmental Justice Alliance
  • California Federation of Teachers
  • California League of Conservation Voters
  • California Pan-Ethnic Health Network (CPEHN)
  • California Teachers Association
  • California Policy Immigrant Center
  • Children’s Defense Fund California
  • End Child Poverty in California
  • Patriotic Millionaires
  • Health Access California
  • PICO California
  • PolicyLink
  • Prevention Institute
  • SEIU California
  • Sierra Club California
  • TODCO
  • UDW AFSCME Local 3930
  • Voices for Progress

“Commit to Equity believes that eviction prevention, opening our schools safely, restoring child care, protecting our environment, ending structural racism and, most importantly, reducing the spread of COVID are far higher priorities than protecting the wealthy’s ability to continue to expand their opulence,” the letter says.

“Commit to Equity has developed a three part strategy for raising revenue:”

  • Wealth tax on billionaires: 0.4% on California residents that have a worldwide wealth of more than $30 million, or $15 million for those married filing separately
  • Wealth tax on millionaires: an additional 1% tax on income over $1 million, 3% on income over $3 million and 3.5% on income over $5 million.
  • Unrealized Capital Gains Tax: capital gains tax could be applied to the value of securities portfolios owned by the ultra wealthy.

Taxing unrealized Capital gains on the “value of securities” is rich: if an asset is projected to make money but you don’t cash in on that profit, it’s an unrealized gain. This could really impact not just the portfolios owned by the wealthy, but also the pension plans of many government employees.

And they want it now: “We are asking you to call for a public hearing on these revenue proposals and pass new revenue this year.”

California already has a gargantuan budget. It started in January at $222.2 billion in total state spending in the 2020-2021 fiscal year, but has been whittled down to a meager $203.3 billion in spending, because of the statewide economic crisis, triggered by Gov. Newsom’s decision to shut down the state under the guise of COVID-19.

Other states did not shut down completely, or force their small and medium businesses to close, and are not suffering under an economic crisis and recession.

There are plenty of areas to cut in the governor’s budget if the special interests which provide enough campaign contributions to win, are not rewarded with big state contracts. But having a legitimate and difficult budget discussion would bog down the grievance and race hustlers like “Commit To Equity.”

The two-page letter has four pages of signers. Take notice of the names. Google them. Commit them to memory. It does beg the question: What exactly are the 42 signers of these groups doing for their communities to improve the lives of immigrants, children, the poor, the environment, Asians, Blacks, Hispanics, union members, and the disabled?

 

082020 Commit to Revenue Letter

 

 

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9 thoughts on “‘Commit to Equity Coalition’ Demands CA Billionaire Tax, Millionaire Tax, and Additional Tax on Stock Gains

  1. Sandra Fluke is one of the signers!
    I’ll definitely be studying these names, Googling them, and memorizing them.
    I want to learn more about their very important work as they strive to make life more golden in California.

    1. “I want to learn more about their very important work as they strive to make life more golden in California.”

      Haha, you’re funny

  2. My message to “Commit to Equity Coalition” : SHOVE IT WHERE THE SUN DON’T SHINE! I’m sure they are aligned with BLM so maybe there are more “peaceful riots” on the way.

  3. Wait…. what’s that noise???
    It sounds like the sounds of semi-trucks starting up to pull trailerloads of personal possessions from wealthy individuals as they flee this dystopian craphole of a state run by Democrat peddlers of empty promises to takers, not makers….

    But hey, the weather is nice….

  4. A tax on wealth is totally unreasonable and frankly angers & scares the crap out of me. I’ve already been taxed on what I’ve earned, and any capital gains I could potentially see will also be taxed accordingly. Taxing my assets makes me a slave to the government and undermines my security and pursuit of happiness.

    At least for now, I personally wouldn’t be impacted by these crazy tax schemes. But if implemented, it’s only a matter of time before state legislators start lowering the bar further to make up for the lost income when the real wealthy folks leave the state, and they [wealthy] will even if it’s retroactive (and I wouldn’t blame them for leaving).

    With property values and retirement accounts, it doesn’t take long for folks to have a net worth exceeding $1M (I’m talking to you ppl in the bay area and LA).

    Know this-
    It’s a slippery slope greased with pork fat for the Legislators to lower bar on what they consider wealth as they grow desperate to pacify the labor unions and social justice banshees that fund their political machines.

    1. When have they ever reverted a tax increase. When has this state government said we have too much money in our budget, let’s return it to the taxpayer! Never.

      It is a slippery slope. The wealthy can afford to move and move assets. The scale always goes down. The top earners will not be millionaires and will be taxed heavily to make up the future shortfall. The middle has been decimated in this state with the help of these very organizations demanding more!

      Of course all for the sake of the disenfranchised and THE CHILDREN!

      Reeks of Marxism. They tell us all how to think, act and look!
      Please read up on marxist thought.

      1. @ Cali Girl

        You are 100% right !!

        I do not remember the exact numbers, but Pete Wilson left something around a $40 million excess. When asked what should be done with it he said “ Give it back to the tax-payers. It’s their money “. That was NOT received well and Grey Davis quickly wiped it out.

        When Schwarzenegger was Gov he raised taxes but his tax hike had an expiration date. Gov moonbean did not like that so he wanted the tax hike made permanent but the voters shot it down. Moonbeam didn’t like that since when he demands your money YOU GIVE IT TO HIM. Shortly after I remember the CHP writing tickets night and day rain or shine, and the price of tickets sky-rocketed as well. He even put a penalty on fix-it-tickets that normally were a fine if and only if you did not fix the violation within a certain period of time. If a CHP spots you with a burnt bulb it’s an immediate monetary fine at the time of the violation.

        Moonbeam eventually got his tax hike but he never reduced the tyrannical vehicle punishments he created. His message?

        GIVE ME YOUR MONEY OR I’LL TAKE IT !!

  5. Comrades

    Many many assets will become totally unsaleable while wealth taxes are due each year…..a cash flow crunch, a borrowing crunch, a delinquency crunch, CHAOS as politicians lament…..the era of everywhere and everyone is your enemy……Ah……CHAOS….

  6. We’re very close to seeing these groups call for taxes for just the privileged white being taxed or some sort of white privilege tax surcharge. It will probably come up before Nov. 3.

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