Will the Rich Stick Around to Be Soaked?by Wendy McElroy
Sep. 23, 2013
Undercover Vid: CNN Producer Admits Russia Narrative 'Mostly Bullshit,' Pushed For Ratings
Muslim Woman Arrested For Setting Fire To Iowa Mosque She Attended
Trump Skips Ramadan Dinner For The First Time In Nearly Two Decades
Polish MP Schools BBC Host On Refugees: 'How Many Terror Attacks Have You Had In London?'
Buchanan: The West is Bringing in Peoples Who Take More in Social Welfare Than They Pay in Taxes
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.