bitterlyclingin
Silver Member
- Aug 4, 2011
- 3,122
- 425
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[In California One per cent of households pay 50 per cent of the taxes. One of the pitfalls of Democracy lies in the limitless ability of the masses to vote themselves the fruits of other men's labors and achievements up to and including the taking of their very lives if the mob sees fit. California hasn't reached the state of Liberal Valhalla that Hugo Chavez's Venezuela did when in order to solve Caracas's homeless housing problem Chavez ordered the homeless to canvass Caracas's streets, pick out the homes they desired, evict the occupants and move in themselves, leaving the property owners and occupants to go to the city fathers afterwards, cap in hand, seeking whatever compensation the city would offer.
Simply recall the economic carnage inflicted on the housing market when the Congress saw fit to open ownership of property to people who had no "Skin In The Game" in order to buy the people's votes]
"...One of the more egregious aspects of Brown’s [Proposition 30] is the retroactivity of the income tax increase, which would apply to all income earned after January 1, 2012. [Imposition of] this retroactive tax hike makes it clear to businesses that if they want some semblance of certainty in tax planning, they must leave California. Campbell’s Soup, Comcast, and Samsung have been the latest to come to this realization; either shutting down facilities in-state or moving operations outside of California.
California residents already contend with one of the most progressive tax codes in the country. Not only does California have high marginal rates, those high rates kick in at relatively modest income levels. California’s middle class residents earning $48,000 a year, for example, pay a state tax rate of 9.3%. Millionaires in 47 other states don’t even pay that high of a marginal rate. However, one of the state tax code’s greatest flaws is it’s over-reliance on upper income households and the revenue volatility it creates, and that is a problem that Prop. 30 would further exacerbate.
As of 2010, the state relied upon 144,000 households, 1 percent of taxpayers, for 50 percent of total state income tax... [With Proposition 30's passage,] the top 10 percent of earners would be responsible for over 80% of the projected income generated"
Doug Ross @ Journal: BUT IT'S ALL ABOUT FAIRNESS: 144,000 households, 1 percent of taxpayers, pay half of California's income taxes
Simply recall the economic carnage inflicted on the housing market when the Congress saw fit to open ownership of property to people who had no "Skin In The Game" in order to buy the people's votes]
"...One of the more egregious aspects of Brown’s [Proposition 30] is the retroactivity of the income tax increase, which would apply to all income earned after January 1, 2012. [Imposition of] this retroactive tax hike makes it clear to businesses that if they want some semblance of certainty in tax planning, they must leave California. Campbell’s Soup, Comcast, and Samsung have been the latest to come to this realization; either shutting down facilities in-state or moving operations outside of California.
California residents already contend with one of the most progressive tax codes in the country. Not only does California have high marginal rates, those high rates kick in at relatively modest income levels. California’s middle class residents earning $48,000 a year, for example, pay a state tax rate of 9.3%. Millionaires in 47 other states don’t even pay that high of a marginal rate. However, one of the state tax code’s greatest flaws is it’s over-reliance on upper income households and the revenue volatility it creates, and that is a problem that Prop. 30 would further exacerbate.
As of 2010, the state relied upon 144,000 households, 1 percent of taxpayers, for 50 percent of total state income tax... [With Proposition 30's passage,] the top 10 percent of earners would be responsible for over 80% of the projected income generated"
Doug Ross @ Journal: BUT IT'S ALL ABOUT FAIRNESS: 144,000 households, 1 percent of taxpayers, pay half of California's income taxes
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