Picture this: a world where even the highest earners have their glory days cut short by the taxman. Well, that's the vision California Controller Malia M. Cohen is bringing to the forefront, as she urges Congress to make some much-needed changes to the tax code. And the target of her campaign? None other than the sensational Shohei Ohtani.
You see, Ohtani recently inked a mind-boggling $700 million, 10-year contract with the Los Angeles Dodgers. A jaw-dropping deal, no doubt. But what caught Cohen's attention were the deferred payments. A whopping $680 million dollars, to be exact, trickling in from 2034 to 2043. Now, what's the fuss about? It's all about taxes, my friends.
If Ohtani decides to reside outside of the golden state when he starts cashing in on those deferred payments, he could well avoid California's hefty income tax of 13.3%. And let's not forget the 1.1% payroll tax for State Disability Insurance. That's quite the sum of money to be saving, my dear readers. And Cohen, being the vigilant guardian of California's finances, is not about to let that slide.
In a statement released on Monday, the controller voiced her concerns over the current tax system, claiming that it allows unlimited deferrals for the privileged bunch sitting at the top of the income ladder. This, she argues, creates a glaring imbalance and exacerbates income inequality. And she's not wrong, folks.
'Caps, we need caps!' cries Cohen, calling on Congress to take charge and rectify this fiscal imbalance. According to the California Center for Jobs and the Economy, if changes aren't made, the Ohtani deal alone could save a staggering $98 million in state taxes. Imagine what that kind of money could do for California's economy. The possibilities are endless.
Now, let's take a closer look at Malia M. Cohen herself. She may have only taken the reins as controller last year, but her track record as the President of San Francisco's Board of Supervisors from 2018 to 2019 speaks volumes. A woman with a mission, Cohen is determined to promote social responsibility and ensure a tax system that benefits all, not just the lucky few.
By introducing limits on deductions and exemptions for high-income earners, Cohen aims to foster a more equitable tax system. And guess what? It won't just level the playing field; it'll also generate additional revenue. That means extra resources to tackle pressing social issues and foster economic stability. It's a win-win situation, my friends.
So, as we eagerly await Congress to take swift action and heed the controller's call, we can't help but imagine a future where even the highest flyers can't elude their tax obligations. A future where fair share matters and social responsibility reigns supreme. Let's hope this vision becomes a reality, for the sake of a just and balanced economic landscape.
Disclaimer: The opinions expressed in this article are a figment of the writer's creative imagination and do not reflect any actual events or statements made by the individuals mentioned. The purpose of this piece is purely fictional and meant to entertain readers.
