This is what happens when you’ve got a budget that depends on the rich:
*Just 1 percent of California taxpayers are already providing 45 percent of the state’s income tax revenue, such income taxes now fund half the budget.
*The number of upper-income earners in California has shrunk by a third between 2007 and 2009. Wealthy Californians are fleeing to nearby no-income-tax states
And drive out businesses:
*The tax burden for a company to operate a business in California is 13 to 14 percent higher than the rest of the country
*In 2011, more businesses (254) quit California than the year before (202), which was a high-water mark over 2009 (51). Last year, roughly five businesses left in any given week, one more than left in each week of 2010 when the average was 3.9.
And turn a blind eye to unfettered illegal immigration from the Third World:
*California houses an estimated 25% of all of the country’s illegal immigrants. The tax paid by one legal citizen is equivalent to the taxes paid by nearly ten illegal immigrants in any given industry.
*According to a Fox News report dated January 19, 2011, immigration watch dog groups have estimated the total cost to California’s economy to be as high as $21.8 billion which would represent 87% of the propose d2011-2012 budget shortfall.
Michael Reagan couldn’t have said it better:
“In less than 50 years they ruined my home state.”
Bon
And as long as the Democrats, Unions, and illegals occupy and control this State it will never recover.