Posted on 07/06/2018 2:11:38 PM PDT by EdnaMode
According to new research released by Charles Varner, associate director of the Stanford Center on Poverty and Inequality, California lost an estimated 138 high-income individuals following passage of the Proposition 30 income tax increase championed by Gov. Jerry Brown (D) and approved by Golden State voters in 2012.
This new research by Varner updates a previous paper released six years ago that looked at domestic migration to and from California following a 2004 income tax hike.
“One reason we wanted to update our previous paper is that this tax change in 2012 is the largest state tax change that we have seen in the U.S. for the last three decades,” Varner said.
Prop. 30 raised the state’s top income tax rate by 8%, increasing it one percentage point from 12.3% to 13.3%, which is now the highest state income tax rate in the nation. Prop. 30 also hiked the tax rate on income between $300,000 and $500,000 by two percentage points, and raised the rate on income in excess of $500,000 by three percentage points.
In 2016, California voters extended the Prop. 30 income tax increases, which were originally scheduled to expire in 2019, until 2030. There will be an effort to extend those income tax hikes yet again prior to their expiration in 2030; book it now.
(Excerpt) Read more at forbes.com ...
Buying in thrift stores for items that can be reliably used from thrift stores is one way to become and remain a “millionaire”.
Just like not buying high-end or low-end when middle third meets one’s needs...
I have a “toaster” that I bought 50 years ago. It’s Stainless Steel and irreplaceable. Except perhaps from a thrift store... I think I paid $8 for it in ‘67 or ‘68.
I’m a septuagenarian and it will probably last the rest of my life.
. . . and go on to fund Marxist political candidates in their new states. :-)
I remember when toasters were a popular promotional gimmick for banks... LOL
What does being born in September have to do with anything?!? (/extreme sarcasm, for those who are immune!)
Congrats on a long life well lived - and a wish for many more years, my FRiend.
A septuagenarian is someone between 70 and 80...
I included a sarcasm tag and everything!!!!!
I know that - was just trying to express a good mood, FRiend. I hope to be a septuagenarian in another 18 or so years.
In related news, NJ government moves to “Build the Wall” to keep these people IN New Jersey.
(East Berlin, anyone?)
you usually don’t claim your house on your income tax.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.