Friday, May 05, 2017

Space Taxman

California wants to make it even more expensive to escape:
Not satisfied with being the heaviest-taxed state in the nation, the clever folks at the Franchise Tax Board disclosed their intention to begin taxing the “Apportionment and Allocation of Income of Space Transportation Companies” under a new addition to the state tax collection enforce “Code of Regulations.”

With space is internationally defined as all the infinity that is 62 miles or more above the earth, the 21st century commercial opportunities for the development of space seem to be creating a new lust among California lawmakers to find a whole new source of revenue. The Franchise Tax Board is proposing to tax the movement or attempted movement of people or property — including, without limitation, launch vehicles, satellites, payloads, cargo, refuse, or any other property — to space.

In November, California voters passed Proposition 55 to extend the “temporary” 13.3 percent top state tax rate on high-income earners until 2030, helping the state retain the highest marginal tax rate in the nation.

But the state also has the highest collections in the nation for property tax, sales tax, business tax, cap and trade tax and tax on aiplanes during the minutes that they travel in the state’s airspace. California’s local governments have also been clever in tacking on novel new revenue schemes from such items as soda and plastic (or paper) bags.
In space, nobody can see your taxes...

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