Elected officials will always promise more free stuff for the populace that is affordable once, they say, the rich pay their "Fair share." They claim the increased tax rates and new spending will not have any ill effect on the economy, either.
California, which smugly touts itself as the national resistance to the Trump administration, is particularly dependent on tax revenues from billionaires and capital gains taxes.
The market has largely recovered, but the article noted a fact we should all keep in mind: "(T)he state's top 1 percent of personal income tax earners-roughly 164,000 tax returns-generate about half of the personal income taxes in California.
No wonder the Franchise Tax Board zealously polices whether high-income Californians who claim to have moved out of state actually have moved their permanent residences elsewhere.
No wonder state officials noticed when 138 residents fled after voters approved Proposition 30 tax increases in 2012.
Last year, even Democratic legislators expressed concern after the federal tax bill reduced deductions for wealthy Californians.
Returning to the old days of super-high tax rates is a fool's errand.
http://reason.com/archives/2019/02/15/leftist-tax-schemes-bash-the-rich-but-de
California, which smugly touts itself as the national resistance to the Trump administration, is particularly dependent on tax revenues from billionaires and capital gains taxes.
The market has largely recovered, but the article noted a fact we should all keep in mind: "(T)he state's top 1 percent of personal income tax earners-roughly 164,000 tax returns-generate about half of the personal income taxes in California.
No wonder the Franchise Tax Board zealously polices whether high-income Californians who claim to have moved out of state actually have moved their permanent residences elsewhere.
No wonder state officials noticed when 138 residents fled after voters approved Proposition 30 tax increases in 2012.
Last year, even Democratic legislators expressed concern after the federal tax bill reduced deductions for wealthy Californians.
Returning to the old days of super-high tax rates is a fool's errand.
http://reason.com/archives/2019/02/15/leftist-tax-schemes-bash-the-rich-but-de
No comments:
Post a Comment