As of 2010, the state relied upon 144,000 households, 1 percent of taxpayers, for 50 percent of total state income tax… [With Proposition 30's passage,] the top 10 percent of earners would be responsible for over 80% of the projected income generated – a fact that Gov. Brown and other advocates of the bill readily acknowledge.What the left has forgotten is that California and America were built by people who decided that they could do better somewhere else. And by “do better”, I don’t mean pump the well dry of free stuff, but have the freedom to build things, start families and live their lives.
People will go on doing that. There will be just less and less of them doing it in California. New lands of opportunity keep opening up, even as an old land of opportunity turns into a place that King George III would have said was too repressive and tax-hungry.
When your economy is based on unsustainable spending on the backs of the middle class, then the middle class will shrink through attrition or escape through the moving van. Either way the ObamaPhone economy loses.
◼ The Flat Earth Society ignores evidence of the fiscal cliff - Le-gal In-sur-rec-tion
◼ Two-thirds of millionaires disappeared from Britain after the introduction of the 50p top rate of tax, figures have disclosed. - Telegraph
◼ Report: Two-thirds of Millionaires left Britain to avoid 50p tax rate resulting in billions in lost revenue for UK government - Doug Powers/Michelle Malkin
In the 2009-10 tax year, more than 16,000 people declared an annual income of more than £1 million to HM Revenue and Customs.In U.S. currency that’s over $11 billion in lost revenue because of a shortsighted attempt to bring in more revenue. France has seen a similar reaction to their tax policies.
This number fell to just 6,000 after Gordon Brown introduced the new 50p top rate of income tax shortly before the last general election....
In the U.S., the money shifting is underway in anticipation of increased taxes starting at the beginning of 2013.
