Will the Rich Stick Around to Be Soaked?by Wendy McElroy
Sep. 23, 2013
German Officials Respond to Migrant's Axe Attack by Calling for 'Mandatory Islam Classes'
Steve King Doubles Down: Idea Every Culture is Equal "Not Objectively True"
Finland: Man Thrown in Prison For Using "Excessive Self-Defense" Against Home Invaders
Black Lives Matter Protesters Block Bridge During Child's Medical Emergency
Report: Murdoch Son 'Horrified by Potential Trump Presidency' Forced Out Roger Ailes
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.