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Will New California Income Tax Hike Drive Rich Away?
IBD Editorials ^ | March 30, 2012 | TOM GRAY

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 ...


TOPICS: Business/Economy; Culture/Society; Editorial; Government
KEYWORDS:

1 posted on 03/30/2012 4:25:14 PM PDT by Kaslin
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To: Kaslin

Liberal Californians are hellbent, aren’t they?

Pretty soon, they will be the only ones there to pay these taxes.


2 posted on 03/30/2012 4:32:59 PM PDT by Clara Lou (ABO! Go Newt!)
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To: Kaslin

Utah has all the Hollywood stars now, they left years ago


3 posted on 03/30/2012 4:33:41 PM PDT by Doogle (((USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated)))
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To: Kaslin

High taxes are already driving the productive out of California! Higher taxes will certainly continue the trend.

The ironic thing is that many transplanted Californians vote for the same policies that made them leave in the first place.


4 posted on 03/30/2012 4:34:39 PM PDT by volunbeer (Keep the dope, we'll make the change in 2012!)
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To: Kaslin

I wish all the rich Liberal millionare/billionare stay there, but knowing them, they’ll flee to another state and continue to vote for DEM


5 posted on 03/30/2012 4:39:35 PM PDT by 4rcane
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To: volunbeer

Rich Liberals believe in higher taxes for others but not themselves


6 posted on 03/30/2012 4:41:08 PM PDT by 4rcane
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To: Kaslin

I wish they would stop coming over to AZ!!!! We like their business but they want to drag their progressive and perverse culture with them.


7 posted on 03/30/2012 4:45:17 PM PDT by Cheerio (Barry Hussein Soetoro-0bama=The Complete Destruction of American Capitalism)
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To: Kaslin

California is evidence that Liberals aren’t just stoopid...they are bat guano crayyyzzzzy!


8 posted on 03/30/2012 4:48:00 PM PDT by RoosterRedux
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To: 4rcane

I would not mind so much if these liberal expatriates from California and other wealth-phobic states would confine their efforts to merely voting, as their vote counts for no more than mine. What I object is that they keep funding others to propagate the nonsense of liberal ideas, and generate so much cheesy propaganda for their left-of-center views that honest discourse is overwhelmed.


9 posted on 03/30/2012 4:49:15 PM PDT by alloysteel (College "education" may be the worst mischief to be inflicted upon the next generation.)
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To: volunbeer

“The ironic thing is that many transplanted Californians vote for the same policies that made them leave in the first place.”

Just like all the transplanted easterners ruined California.


10 posted on 03/30/2012 4:50:25 PM PDT by Owl558 ("Those who remember George Satayana are doomed to repeat him")
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To: Kaslin

The Republican solution for solving Cali’s $9+ Billion deficit doesn’t call for tax increases, it calls for spending cuts.

Unfortunately, registered republican voters now account for about one in three of the total registered voters in the state.

And we’re up against the union lobbies.

But we do have a real solution that Moonbeam pretends not to notice.

Just thought I’d point that out.

http://www.sacbee.com/2012/03/30/4377462/republican-lawmakers-push-budget.html


11 posted on 03/30/2012 4:57:52 PM PDT by blueplum
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To: Kaslin

What are you talking about? People love high taxes.

Why do you think we keep voting for people who raise them?


12 posted on 03/30/2012 5:00:23 PM PDT by Tzimisce (THIS SUCKS)
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To: blueplum
Taxes = Union money = Democrat party contributions
13 posted on 03/30/2012 5:02:57 PM PDT by 4Liberty (88% of Americans are NON-UNION. We value honest, peaceful Free trade-NOT protectionist CARTELS)
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To: Tzimisce

Maybe you are, but I am not


14 posted on 03/30/2012 5:04:17 PM PDT by Kaslin (Acronym for OBAMA: One Big Ass Mistake America)
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To: Clara Lou
"Pretty soon, they will be the only ones there to pay these taxes."

Nope - a ton of them are leaving, going to other states.

They've already ruined much of the conservatism of Arizona. Cal-Dimwits fled the mess they created in that state, and have been ripping AZ apart as they have matched and outnumbered conservatives in what once were near 100% conservative areas.

15 posted on 03/30/2012 5:05:17 PM PDT by Ron C.
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To: Kaslin

Let us do a simple thought experiment. I am an entrepreneur who has a somewhat successful business. I am in a state where unemployment is high and the government is in deep deficits. The state government institutes a income tax increase that starts at $150k but I am a sole proprietor and my taxable income is at $130k.

I wake up one night with a brilliant insight and marketing campaign that will increase my business by 25% and force me to hire 10 new employees. Getting ready to implement this great idea, my CPA informs me that I will actually lose money when all of the overhead, business tax and personal tax increase is realized.

Do I implement my idea in that state or move my business to a better business climate in a different state?


16 posted on 03/30/2012 5:05:39 PM PDT by SES1066 (Government is NOT the reason for my existance!)
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To: Cheerio
I should have read further down on the thread before I posted... LOL

I'm moving to Prescott Valley, which used to be very conservative - but now is far less than.

17 posted on 03/30/2012 5:08:38 PM PDT by Ron C.
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To: RoosterRedux
"bat guano crayyyzzzzy!"

LOL - ya got that exactly right!

18 posted on 03/30/2012 5:10:00 PM PDT by Ron C.
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To: blueplum

hope it works - but don’t bet that it will pass - you’ll likely lose the bet! ~grim grin~


19 posted on 03/30/2012 5:12:03 PM PDT by Ron C.
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To: Doogle
Utah has all the Hollywood stars now, they left years ago

I suspect they are also convincing their studios to make their movies outside the state. Californians might possibly (not likely though) realize they are finally running out of other people's money. Only the welfare cases will remain.

20 posted on 03/30/2012 5:16:14 PM PDT by immadashell
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To: Kaslin

The ‘rich’ have feet too in case those losers in Sacto haven’t figured that out yet.


21 posted on 03/30/2012 5:23:27 PM PDT by tflabo (Truth or tyranny)
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To: Kaslin

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.


22 posted on 03/30/2012 5:30:53 PM PDT by depressed in 06 (6 November, 2012, the day our embarrassment is sent back to Kenya.)
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To: Kaslin; depressed in 06

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.


23 posted on 03/30/2012 5:37:48 PM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: Kaslin

Yes.


24 posted on 03/30/2012 5:43:59 PM PDT by <1/1,000,000th%
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To: Kaslin

I understand that 2 million have left Kalipornia, but they replace those who leave with means with illegals on the dole.


25 posted on 03/30/2012 5:51:52 PM PDT by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: Kaslin

Will New California Income Tax Hike Drive Rich Away?

Of course not. People don't take net income into account when they decide where to live and raise their families. Just look at the experience in Maryland for proof that they don't...

Millionaires Go Missing


26 posted on 03/30/2012 7:01:18 PM PDT by ProtectOurFreedom
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To: volunbeer
many transplanted Californians vote for the same policies that made them leave in the first place.

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."

27 posted on 03/30/2012 7:30:32 PM PDT by arthurus (Read Hazlitt's "Economics In One Lesson.")
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To: Kaslin; GOPsterinMA; sickoflibs; calcowgirl; Clintonfatigued; fieldmarshaldj; BillyBoy; ...

Maybe there will be an earthquake and Cali will float away. Then we can turn it into a giant prison.


28 posted on 03/30/2012 11:05:09 PM PDT by Impy (Don't call me red.)
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To: Doogle

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....


29 posted on 03/30/2012 11:09:28 PM PDT by fabian (" And a new day will dawn for those who stand long, and the forests will echo with laughter")
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To: Clara Lou

Thank God liberals don’t want to move to Oklahoma!


30 posted on 03/31/2012 6:26:56 AM PDT by ops33 (Senior Master Sergeant, USAF (Retired))
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To: Kaslin

“Millionaires” who live in those states ALL have a tax residence in some other state.

REAL millionaires also all have good lawyers.

No worries.


31 posted on 03/31/2012 6:28:52 AM PDT by Jim Noble ("The Germans: At your feet, or at your throat" - Winston Churchill)
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To: ops33

Same for Texas. They can’t take the heat here, anyway.


32 posted on 03/31/2012 6:33:31 AM PDT by Clara Lou (ABO! Go Newt!)
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To: volunbeer

“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.


33 posted on 03/31/2012 6:34:11 AM PDT by snoringbear (Government is the Pimp,)
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To: Owl558
Just like all the transplanted Easterners ruined California


34 posted on 03/31/2012 6:34:27 AM PDT by Jim Noble ("The Germans: At your feet, or at your throat" - Winston Churchill)
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To: Jim Noble

The bottom line is that Libs (whether they live there or move there) corrupt everything. ...and they think you are stupid.


35 posted on 03/31/2012 6:45:09 AM PDT by hal ogen (1st Amendment or Reeducation Camp?)
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To: Jim Noble

Them too, but the eastern liberals came first.


36 posted on 03/31/2012 10:25:06 AM PDT by Owl558 ("Those who remember George Satayana are doomed to repeat him")
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To: Impy; All

Hmmm...Sounds like “Escape From L.A.” on a bigger scale.

Me likey. Although I’d never get to see the RR Presidential Library.


37 posted on 04/01/2012 7:11:01 AM PDT by GOPsterinMA (Has Mittens won one "Red State" yet?)
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