Will the Rich Stick Around to Be Soaked?by Wendy McElroy
Sep. 23, 2013
Progress: "Artist" Who Breastfed Dog, Fertilized Her Own Egg With Dog Cell Wins Prestigious Prize
Somali Terrorist Behind Canada Attack Entered U.S. From Mexico, Obama DHS Let Him Go
Anti-Establishment, Trump-Like Billionaire Wins Czech Election
U. Of Penn Teaching Aide: I "Always" Call On Black Female Students First, White Men Last
Trump: I Will Allow 'Long Blocked And Classified JFK Files' To Be Released
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.