Skip to comments.Will New California Income Tax Hike Drive Rich Away?
Posted on 03/30/2012 4:25:12 PM PDT by Kaslin
California's Gov. Jerry Brown has just signed on to a labor-backed ballot initiative to raise tax income tax rates to as high as 13.3%, and so far the voters seem to approve. A new Los Angeles Times poll puts public support for the plan at 64%. If the measure wins in November, California will hold the prize for the highest income tax rates in the nation.
That is, if some other state doesn't jump past it before then.
In recent years, the country has seen something of a tax-the-rich derby among states enacting so-called "millionaires' taxes" on top earners. Hawaii, New Jersey, New York, Oregon and Maryland all raised rates on high earners during in the 2000s. California's rates were high already.
In some cases the taxes were temporary, in others, not. And you didn't always have to be earning a million dollars to feel the bite. As of January 2012, according to data from the Tax Foundation, Hawaii was the top taxer with a rate of 11% on incomes over $200,000 (for single filers). California was close behind with 10.3% on incomes over $1 million. New Jersey has let a 10.75% tax lapse, but its top rate was still a relatively high 8.97%. Oregon's temporary 11% tax was history, but the top rate was still 9.9%. In New York, Gov. Andrew Cuomo resisted pressure to keep a top rate of 8.97% in effect, but the state ended up with a tax only slightly lower 8.82% on incomes over $1 million.
(Excerpt) Read more at news.investors.com ...
The ‘rich’ have feet too in case those losers in Sacto haven’t figured that out yet.
Kalifornia, don’t need no stinkin’ rich, they have enough liberal who want to pay more. Oh, that’s right, they left to pay less taxes in states they are going to corrupt.
Most of the rich now in CA have names like Obama, Abdul, Al-awlaki etc, and own chains of 30 Jack in the Box franchises etc, etc.
I wish them luck on their moves out of state.
I understand that 2 million have left Kalipornia, but they replace those who leave with means with illegals on the dole.
They do not understand cause and effect. They move away from the high crime and high taxes and settle into their freer, safer, and less taxed new home then Brent turns to Leila and says, "It is so nice here, Honey, but the place would be perfect if it had a few more services."
Maybe there will be an earthquake and Cali will float away. Then we can turn it into a giant prison.
Yeah, I am out of here as soon as I can afford it. Bunch of theives concerned only about their theifdom of government workers and jobs that are supposed to be servants, not tyrants! They can kiss my you know what....
Thank God liberals don’t want to move to Oklahoma!
“Millionaires” who live in those states ALL have a tax residence in some other state.
REAL millionaires also all have good lawyers.
Same for Texas. They can’t take the heat here, anyway.
“The ironic thing is that many transplanted Californians vote for the same policies that made them leave in the first place.”
Yeah,except “ironic” is not the word that comes to mind for this Texian. I’m thinking we (Texians) should establish some sort of litmus test for those migrating to my beloved Texas as a condition of entry. We’ve already got all the Calie limousine liberals and Minnesota socialists that we can tolerate here. I feel their pain but they need to fix their problems in the own states and stay put.
The bottom line is that Libs (whether they live there or move there) corrupt everything. ...and they think you are stupid.
Them too, but the eastern liberals came first.
Hmmm...Sounds like “Escape From L.A.” on a bigger scale.
Me likey. Although I’d never get to see the RR Presidential Library.
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