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Despite Tax Increase, California State Revenues in Freefall
http://gopthedailydose.com ^ | december 8, 2012 | amy

Posted on 12/08/2012 7:47:45 AM PST by lowbridge

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To: lowbridge

The taxes on the rich are retroactive to 1-1-2012. How is that not a bill of attainder?


51 posted on 12/08/2012 9:35:28 AM PST by Excellence (9/11 was an act of faith.)
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To: Calvin Locke

I think the name you are looking for is former US Senator Phil Gramm.
He was terrific.


52 posted on 12/08/2012 9:38:31 AM PST by Clump ( the tree of liberty is withering like a stricken fig tree)
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To: Cowboy Bob

“Obviously, they didn’t raise taxes enough. /sarc “

You don’t need the “/sarc” tag.

This -is- “obvious” to the leftists running the state. (From their point of view)

Fearless prediction:
California taxes are destined to be raised higher.
FAR higher...


53 posted on 12/08/2012 9:39:18 AM PST by Road Glide
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To: Cicero
I remember listening to Drudge, and thought he was over the top with his anti-Arnie show before the special election to replace Davis.

Drudge proved to be correct, regardless of his method.

54 posted on 12/08/2012 9:40:04 AM PST by Calvin Locke
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To: lowbridge

California has already gone over the cliff, of sanity. It’s now in free fall. Waiting, waiting, just waiting to hear the crunch as it hits the rocks below.


55 posted on 12/08/2012 9:40:40 AM PST by Flick Lives (We're going to be just like the old Soviet Union, but with free cell phones!)
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To: vette6387; Cicero

We don’t always get what we want, if we’re lucky we get what we can endure.

Sadly, for California, the electoral process is broken.. initiatives proliferate or judges take sides and cast out results.

The state leaped the economic and social continuum after Duke left .. it’s been free-fall since in the CA Gop. Re-Pete Wilson, GRay Davis. aHnold the ‘Independent’ and now MoonBeam II .. Is that Pee Wee Herman I hear in the green room warming up.. or Roseanne?

Oh,, and Prop 13 remains under active assault.. when it goes,, wellll,, you know the sound a ‘loo makes? lol


56 posted on 12/08/2012 9:41:01 AM PST by NormsRevenge (Semper Fi)
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To: mjp

Didn’t the Fed bail out, or at least help out, Calpers once already? (Under BHO, that is)


57 posted on 12/08/2012 9:41:05 AM PST by Calvin Locke
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To: lowbridge

Idiots.


58 posted on 12/08/2012 9:41:51 AM PST by Jim Robinson (Resistance to tyrants is obedience to God!!)
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To: lowbridge
The lower tax collection and higher spending drove the State’s deficit after the tax increase to $2.7 billion for the first 5 months of this fiscal year.

California, lol.

59 posted on 12/08/2012 9:45:24 AM PST by Lancey Howard
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To: lowbridge

Ha Ha Ha


60 posted on 12/08/2012 9:47:01 AM PST by Mouton (Voting is an opiate of the electorate. Nothing changes no matter who wins..)
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To: Clump; E. Pluribus Unum

>>The Laffer curve is not funny for those whose refuse to acknowledge its truth.
>>
>>The people in charge are either stupid or just don’t care about the consequences.

I don’t see this as an either/or situation. They are both stupid and evil. They embrace the consequences because they believe the high taxation on the rich” will even out “wealth inequality”, and they see this as a desirable outcome appropriate to be addressed via government taxation policy. Who cares if it destroys the economy for everyone?

And further regarding Laffer, these people are largely innumerate. Expecting them to properly interpret a very complex chart (not really) and the resultant effects on public policy is asking a whole lot.


61 posted on 12/08/2012 9:51:15 AM PST by FreedomPoster (Islam delenda est)
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To: lowbridge

The addict needs higher and higher doses to achieve the high they crave.

Giving more taxes to Sacramento is like giving heroin to an addict.


62 posted on 12/08/2012 9:51:56 AM PST by morphing libertarian
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To: buwaya

Yeah, I think the taxes take effect next month.

They are using projections. So if the increased tax income is less, the deficit will actually be higher than they are projecting.


63 posted on 12/08/2012 9:57:38 AM PST by morphing libertarian
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To: lowbridge

If you want less of something, tax it. Raise income taxes and income drops. Less income equals less revenue. CA isn’t smarter than a 5th grader.


64 posted on 12/08/2012 10:00:49 AM PST by VRWC For Truth (Roberts has perverted the Constitution)
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To: buwaya
People who are wealthy in California aren’t likely to leave just because of this increase.

You're not considering the fact that people of means don't have to leave California to have their income leave California. Many of them do exactly that, spend considerable time where they like in CA as tourists, but are legal residents and taxpayers of other states.

People of means can Californiaproof their wealth while spending small amounts of time outside the state, and they do.

65 posted on 12/08/2012 10:10:01 AM PST by Navy Patriot (Join the Democrats, it's not Fascism when WE do it, and the Constitution and law mean what WE say.)
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To: Paul R.

It’s an income tax not a wealth tax. The super rich probably don’t need much income. What they own is bought and payed for.


66 posted on 12/08/2012 10:10:55 AM PST by VRWC For Truth (Roberts has perverted the Constitution)
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To: Future Snake Eater
At least there’s no income tax in WA.

And there's no sales tax in OR.

Live in WA, shop in OR!

67 posted on 12/08/2012 10:11:42 AM PST by Max in Utah (A nation can survive its fools, and even the ambitious. But it cannot survive treason from within.)
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To: lowbridge

Gee, this is so “unexpected”.
Raise Taxes and revenue falls what a coincidence.

Baaah, humbug.


68 posted on 12/08/2012 10:13:55 AM PST by tet68 ( " We would not die in that man's company, that fears his fellowship to die with us...." Henry V.)
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To: lowbridge

If you tax something, you get less of it. If you subsidize something, you get more of it. California taxes the creation of wealth, and it subsidizes illegal immigration. ‘Nuff said.


69 posted on 12/08/2012 10:15:26 AM PST by Hoodat ("As for God, His way is perfect" - Psalm 18:30)
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To: FlingWingFlyer

state revenue for the month of November 2012 fell $806.8 million,

I believe this is called the “Lafer Curve” taxes can only go so high then revenues begin to fall.

a basic rule of economics and taxation....proving that all the Morons in Sacramento are clueless. and have Destroyed the State...voted in by stupid Parasites.


70 posted on 12/08/2012 10:20:43 AM PST by LtKerst
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To: lowbridge

Sometimes the jokes just write themselves.


71 posted on 12/08/2012 10:25:46 AM PST by facedown (Armed in the Heartland)
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To: lowbridge

>voters clearly demonstrated their willingness to invest in our public schools and colleges

WTF? By increasing the tax rate of the people that provide jobs in CA? Any halfwit should know that these people they increased the tax burden on just might up and leave for greener pastures.

Too many people don’t use their brains.


72 posted on 12/08/2012 10:33:40 AM PST by soycd
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To: lowbridge

The ministry of truth reports that due to lower productivity chocolate rations will be decreasing. The good news is our war with East Asia will continue forward with our invasion of Syria.


73 posted on 12/08/2012 10:44:37 AM PST by justa-hairyape
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To: QBFimi
>>> “Don’t Californicate Colorado”

Californication of the 2010 elections
74 posted on 12/08/2012 10:49:09 AM PST by Safrguns
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To: lowbridge

Really All those taxes don’t equate to More Revenue? Shock Shock!!! Guess they are all leaving!!!!


75 posted on 12/08/2012 10:53:40 AM PST by tallyhoe
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To: lowbridge

Math is a bitch.


76 posted on 12/08/2012 10:54:37 AM PST by Redcloak (Winter is coming.)
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To: lowbridge

Well duh. The rich didn’t get rich by being stupid...or by being sheep. They will pick up their wealth and move elsewhere...where the taxes are less punative. After all....if anyone can afford to just move somewhere else, the rich can.

The ones who will suffer either directly or indirectly are those that can’t afford to just pick up and move to another state or country. Per usual.

This nation is already at “Idiocracy” status. We’re quite screwed.


77 posted on 12/08/2012 10:59:11 AM PST by XenaLee (The only good commie is a dead commie.)
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To: buwaya
a. Tax increases haven’t hit yet.

That's what I was wondering. The tax hikes were only voted in a month ago. I don't see how they could be implemented already AND the effects of it seen.
78 posted on 12/08/2012 11:02:44 AM PST by yorkiemom
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To: XenaLee; lowbridge
This nation is already at “Idiocracy” status. We’re quite screwed.

Link only.

Note the last sentence in the last paragraph.

79 posted on 12/08/2012 11:04:34 AM PST by thecodont
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To: lowbridge

BECAUSE OF not in spite of .


80 posted on 12/08/2012 11:05:09 AM PST by Vaquero (Don't pick a fight with an old guy. If he is too old to fight, he'll just kill you.)
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To: Paul R.
You bring up an interesting point. The super rich do not need to move, because they actually make no money. They have money.

It is the middle class that is leaving, the productive work force. This is far more serious than the rich leaving. You can live without the rich, but no car gets anywhere without a motor.

California is in a far more serious condition than they suspect if you are right. They no longer have the workforce to recover or build anything, just the welfare people to support.

I know from my days there long ago when I lived in the High Serra's that the welfare types moved up there into vacation land in droves. The check was the same size from welfare, but the cost of living was far less than the city. Soon we had drug ghetto’s springing up where once was lumber workers and other responsible types.

Then California killed the lumber industry, followed by the mining industry and I left California for other work. The county I was in now has 40% unemployment according to my friends that hung one, but there are more people than ever.

Just now they are all on welfare, up from the cities.

From a net producer to a massive net loss of revenue to the state, it was the workers that left. The rich stayed and the dependent class grew like weeds.

81 posted on 12/08/2012 11:07:23 AM PST by American in Israel (A wise man's heart directs him to the right, but the foolish mans heart directs him toward the left.)
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To: Cowboy Bob

Will you stop it. If you say that enough people might actually start thinking that we have a spending problem.

We need more REVENUE!!!!

Ans: What Krugman will say.


82 posted on 12/08/2012 11:27:39 AM PST by 1010RD (First, Do No Harm)
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To: Ghost of Philip Marlowe

The goal is to wreck the American economy. Hopefully, permenantly.

Why Romney didn’t point to Illinois and specifically Cook County as proof of Obama’s plan I’ll never know.

Obama is bringing not only Cook County politics, but Cook County economics to the national level.

It’s stupid and we conservatives better find our Reagan, stat.


83 posted on 12/08/2012 11:33:45 AM PST by 1010RD (First, Do No Harm)
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To: Cowboy Bob

Liberals and Marxist don’t have the ability to learn from experience...in other words they are stupid and there ain’t no cure for stupid.....they just make misery...


84 posted on 12/08/2012 1:02:52 PM PST by goat granny
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To: lowbridge

Bookmark for later.


85 posted on 12/09/2012 2:29:21 AM PST by Spktyr (Overwhelmingly superior firepower and the willingness to use it is the only proven peace solution.)
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