New York Times frets over the fortunes of California's wealthiest

americanthinker.com ^ | 2/8/2018 | Thom Lifson

[rktman]

In a daily feature it calls “California Today,” the New York Times expresses concern over the impact of stock market declines on California’s wealthy. It is not out of concern that risk-takers will be disincentivized from making future investments, however. Matt Stevens and Julie Turkewitz write:

California has one of the highest top tax brackets in the country, and the state relies heavily on those top earners to fill its coffers. (In 2014, the top 1 percent of earners paid 48 percent of all state income taxes in California, according to a 2016 article in the Economist.)

“Since the top 1 percent of Californians own a lot of stocks, a stock market decline that results in lower capital gains could have a disproportionately large impact on California – and its state budget,” [UC Berkeley professor] Dr. Vissing-Jorgensen said.

[rktman]

And here I thought all the great seals of cali were down at the piers in SF. Anyway, poor uber wealthy cali habitants. They should allow some dreamers access to their real estate. I mean if they really cared. How many at the pelosi, finesteen, tommy steyr, strisand and all the other uber rich could be accomodated? How about mr inclusive suckerburg? Come on guys, throw open them gates. Recover some of what you lost by employing these dreamer and other trespassers.

[Doogle]

*sniff sniff*

[Lopeover]

Where is the Boo Hoo girl?

[henkster]

The slimes writers really don’t understand irony.

[rktman]

Yeah, I got some wrinkled shirts that they can take care of. ;-)

[morphing libertarian]

The Times should recommend an increase in state income tax especially at the highest level. think of all the money the state will have for illegal alien services and Browndoggle high speed trains to nowhere.

[kempster]

Business would be smart to leave that cesspool of taxation and idiot leadership. Go where you can make a buck and people actually do good things with your tax money to help your business.

[Puppage]

[cgbg]

The numbers are also a dead giveaway on what happened to most of the middle class in CA—they left the state in disgust.

A relatively few wealthy supporting a large mass of poor people is not a stable long-term arrangement—CA is going to learn that lesson the hard way.

[Lopeover]

Yeah! Thanks! She just makes this thread!

[Secret Agent Man]

Its so ironic that the only time libtard socialists ever mention the few who actually pay the most in taxes, is when they are worried about their money leaving.

Otherwise its shut up and open that bank account and take it.

The Golden Goose doesnt get any attention except when it might fly away or die.

[SunkenCiv]

Thanks rktman. Probably the stock dumping / profit taking in the new year is due to the rich entertainment industry nitwits (Jim Carrey for example) unloading their portfolios at or near the market top in order to raise cash now, knowing full well that the jokers in their state legislatures are going to put the screws to them.

[Intolerant in NJ]

Geez - next they’ll be applauding Republicans for “giving tax cuts to the rich”......