Will the Rich Stick Around to Be Soaked?by Wendy McElroy
Sep. 23, 2013
French Mayor Found Guilty Of Incitement For Saying 91% Muslim Classrooms Are a 'Problem'
Red Bull Founder Starting New Conservative Media Outlet
America's First Somali Lawmaker Votes Against Ending Life Insurance Payouts To Terrorists
Bill Nye Show: Penalize Parents For Having 'Extra Kids' In Developed Countries
Bill Nye Show: White People Need to Stop Using 'Asian Wallpaper,' Ruined Yoga With 'Their Lululemon Hands'
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.