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When are these bums in Government are going to learn? A 3% state tax rate to 13.3?? Wow! How many folks that are near the $1 million threshold is going to hold back on business late in the year? The higher you raise taxes, the lower the revenues, see Michigan. I dont expect any sympathy for folks making over $1 million per year, but the Cali Government has got to get a clue. People are moving away in droves because of this silly legislation. And its sad, because California is such a beautiful place, IMO.....
And it's not just a state tax. The Fed will also be raising taxes on the wealthy.
So that's a double hit to this guy.
Other states have already done this and their revenues did not improve at the end of a year.
The wealthy can afford to move and conduct their business while living in another state or even another country.
IMHO I think this "tax the rich" that all levels of government are going after is going to backfire and net them less revenue than if they had just tried to cut back and try to operate within the revenue that they get.
And it's not just a state tax. The Fed will also be raising taxes on the wealthy.
So that's a double hit to this guy.
Other states have already done this and their revenues did not improve at the end of a year.
The wealthy can afford to move and conduct their business while living in another state or even another country.
IMHO I think this "tax the rich" that all levels of government are going after is going to backfire and net them less revenue than if they had just tried to cut back and try to operate within the revenue that they get.
Yep. I think taxing the rich is nothing more than a class warfare tool used by the left. It has done nothing but created more dependency. Government has made excuse after excuse for Folks failing to compete. Its not healthy.
If Government were serious about paying down the debt and balancing the budget, most probably wouldn't care to pay more in taxes. But when you know there is waste after waste by all parties involved, its hard to see any value in paying extra.
Its almost like having a Child that you are supporting and paying their college tuition when you know he is not humping it. It becomes harder and harder to write that check.
Direct or indirectly we will i the near future be apyig for the national; defcit to sustainable levels in the near futre. The shorfall is much higher and measures more auster than Califrnia will experience.The longer we wait the more austerity we will experience just like euroep is experiencing now.I the end eryhting is paid by consumer or by cuts effectig amny.
Obama's 'millionaires tax' will fail on a nationwide level just as it has in CA, OR, MD & elsewhere; that's a foregone conclusion, although you'd never get a Democrat to admit it because their ideology blinds them from seeing the truth.
Wait until the end of this year when the President & Governor Moonbeam discover that their 'projected' revenue expectations fall well short, as they always have and always will.
Look at the numerous Wall Streeters who sold millions of shares of stock in December to avoid those new higher tax rates, which will cost NY, CA, the Feds and every other state in the union trillions of dollars in revenue.
Obama's 'millionaires tax' will fail on a nationwide level just as it has in CA, OR, MD & elsewhere; that's a foregone conclusion, although you'd never get a Democrat to admit it because their ideology blinds them from seeing the truth.
Wait until the end of this year when the President & Governor Moonbeam discover that their 'projected' revenue expectations fall well short, as they always have and always will.
Look at the numerous Wall Streeters who sold millions of shares of stock in December to avoid those new higher tax rates, which will cost NY, CA, the Feds and every other state in the union trillions of dollars in revenue.
If they would have raised property taxes that would not have happened. Let look at the model. They have all kinds of great goodies like this "free" public school.
The school has become very sought after in San Diego for its high academic standards, and since there is no school tuition for public schools, it makes the school evermore attractive! So if you live in the San Diego Unified school district, consider yourself lucky since you at least can apply to this popular school via an official lottery.
Now lets say the cost benefit is bad like $2 in gets $1 out in real value. Would a model like this still have these niceties? Of course if the one paying is not the one benefiting. Would most people take a million while costing their society 100 million? When that school raises property values while there is a property value tax freeze they will always vote for expensive amenities that increase their property values. Would you vote for a pool near your house if it was project to raise you property value 5k while being paid for with other taxes?
Unless I were a property owner I would have no interest living in that state. You are basically just part of the service staff.
Unfortunately--this is what is happening to US companies and US job--they are OUT of here. Washington--just keep on raising the taxes and we are all out of here
Funny how people expect the government to pay for everything but no one realizes they have to pay back the government for all these freebies.
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