Bill O'Reilly's Talking Points Memo is BACK!

O'Reilly is on Newsmax TV talking all things taxes as we head into tax season. California's tax plan is essentially socialism - and this is what the Democrats want for the rest of the country. Bill has a solution to stop the madness...

O'REILLY: Hi I'm Bill O'Reilly and this is the Talking Points Memo. Future shock in the tax realm.

All right, so about a week and you got to file taxes. Refunds are way down because Americans were earning good money, can only deduct ten thousand dollars in expenses, you can't write off your mortgage and you can't write off state or local taxes.

So you know, I got to pay more but that's OK with me. I want the country to prosper as long as I'm not gouged.

But let's take a look at what's going on in California.

The reason I point out California not only the nation's most populous state but what happens there in the liberal realm usually goes to Washington.

So this is what... if you live in California this is what you're looking at. All right so the state has the highest state tax in the country. It can reach 10 percent in some areas because they have local taxes tacked on to the state taxes. So you can get as high as 10. All right that's in addition to what you pay to feds.

Now there are only three states in the union that allow that... to and local taxes to state taxes. So right off...  you're earning money in California and right off the jump you are paying federal tax and an extraordinary high state tax.

Local tax ok, ready, cigarettes, two dollars and 87 cents a pack. So don't smoke.

Gasoline. All right. Gasoline tax, second highest in the country. California dropped three bucks a gallon. Three bucks a gallon to the state gasoline tax.

Liquor tax through the roof, don't drink.

California property tax, 16th lowest because the folks voted on that and they can't raise the property taxes. Prop 13. California has levied on both residents and nonresidents.

So if I go to California to do a show I have to pay tax.

If a baseball player goes and plays a game and Dodgers or the Angels they pay tax with the Giants, they have to pay a tax just playing a game, whatever pro-rated.

OK capital gains, this is insane.

Capital gains if you buy a stock and you sold stock for a gain. If it's less than a year you pay what's your general tax rate is 35 percent. If it's a year or more 20 percent. Not in California. In California that means you pay everything no matter how long you hold a stock. At your personal income rate. So if you're 35 you pay them 35. That's on top of the Feds.

So you can't make any money in stock market if you're a California person and you could lose a bundle. Stocks go up like Vegas.

Now new taxes Sacramento: this is what they want.

Firearms. Anybody with a gun for any purpose, big big tax. OK.

Soda soft drinks. All right. Tax all of that.

Tire change, get a flat? Want to change a tire? They want three bucks.

State wants three bucks if you have to buy a tire, change your tire. Drinking water. All right. They want a fee of 95 cents a month on everybody in California just to have water coming into the house.  Goes to the state and you pay for the water. All right. This is so insane. What's happening there. And then they're going to slap a tax, they want to on any household that has more than three million dollars in assets. Yet another tax on top of whatever you paid before to accumulate the 3 million you pay more.

This is socialism. This is confiscation. All right.

That's what's going to happen if Americans continue to elect liberal politicians. Now the Democratic Party I mean they're buying into all of this. California is run by Democrats. Hardly is a Republican Party in the state. So think about it. This is... they don't want capitalism anymore. State wants to take what you have through the form of all these pernicious tax business and this is no exaggeration. This is happening right now. If you live in California you know the pain you're going through and it's going to get worse. Tax on changing a tire? They'll fight a tax on every single thing... mowing your lawn it will be a tax. Hiring a gardener is going to be a tax. Whatever it is they want everything that you have. So they can redistribute to other groups.

I'm Bill O'Reilly for Newsmax and that is the Talking Points Memo.

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