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Article posted Sep 23 2013, 10:42 PM Category: Commentary Source: Wendy McElroy Print

Will the Rich Stick Around to Be Soaked?

by Wendy McElroy

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.

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Comments Add Comment Page 1 of 1

Posted: Sep 24 2013, 11:41 AM

1271 It just proves they care about nothing but their own welfare , and damn anyone who dares brand them as greedy.

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