Will the Rich Stick Around to Be Soaked?by Wendy McElroy
Sep. 23, 2013
Italian Prosecutor: Wiretaps Reveal NGOs Working With Human Smugglers to Flood Italy
French Mayor Found Guilty Of Incitement For Saying 91% Muslim Classrooms Are a 'Problem'
Red Bull Founder Starting New Conservative Media Outlet
Bill Nye Show: White People Need to Stop Using 'Asian Wallpaper,' Ruined Yoga With 'Their Lululemon Hands'
Bill Nye Show: Penalize Parents For Having 'Extra Kids' In Developed Countries
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.