Will the Rich Stick Around to Be Soaked?by Wendy McElroySep. 23, 2013 |
Texas Gov. Greg Abbott Signs Executive Order to Punish 'Antisemitic Rhetoric' on College Campuses
Israel 'Admits It May Not Be Able to Destroy Hamas,' Blames America
All-Indian Crew On Ship That Crashed Into Baltimore's Francis Scott Key Bridge
RFK Jr Names Nicole Shanahan as VP Pick
Israeli Lawyer Who Pushed 'Hamas Mass Rapes' Hoax Accused of Scamming Donors
On December 8, the website Breitbart heralded, "Despite Tax Increase, California State Revenues in Freefall." In the November state elections, a successful Proposition 30 imposed a 13.3 percent tax rate on income over $1,000,000 -- an increase of 29.13 percent and the highest state tax rate in the nation. The predicted tax revenue was hailed as a way to dig California out of its budget crisis. It was '"needed" especially to fund public-sector pensions with their plush benefits. Instead, state revenue for November 2012 fell by 10.8 percent, or $806.8 million. Wealthy businesses and individuals were leaving; many had left already. Read More |