DESPITE TAX INCREASE, CALIFORNIA STATE REVENUES IN FREEFALL

[Chris_]

DESPITE TAX INCREASE, CALIFORNIA STATE REVENUES IN FREEFALL

California State Controller John Chiang has announced that total state revenue for the month of November 2012 fell $806.8 million, or 10.8%, below budget.

Democrats thought they could hammer “the rich” by convincing voters to pass Proposition 30 to create the highest state income tax in the nation. But it now appears that high income earners have already “voted with their feet” by moving themselves and their businesses out of state, resulting in over $1 billion shortfall in corporate and income taxes last month and the beginning of a new financial crisis.   

Passage of Proposition 30 set off euphoria and expectations of higher spending for public employees. The California Teachers’ Association (CTA) trumpeted: "California students and working families won a clear victory today as voters clearly demonstrated their willingness to invest in our public schools and colleges and also rejected a deceptive ballot measure aimed at silencing educators, other workers and their unions.”

Breitbart

Bless their hearts.

[Bad Dog]

Surprise, surprise.

[DLR Pyro]

"Hammer the rich"?

 More like convince them it's time to pack up and head to Nevada or Texas.

[DumbAss Tanker]

They were against putting up a wall to keep welfare leeches out, maybe they'll follow the lead of the former German Democratic Republic (Aka East Germany) and put up one to keep the professional class in, since after all they owe their skills and success to the glorious workers' and people's state.

[DefiantSix]

DESPITE BECAUSE OF TAX INCREASE, CALIFORNIA STATE REVENUES IN FREEFALL

Fixed for accuracy.

[Dori]

There are going to be a whole lot more leaving in 2013 once prop 30 kicks in.   Will the ever figure out that there are too many on the gravy train when no one is left to pull it?

On O'Reilly the other night, he said that there were 87 million on the public dole (including 21 million working for the government) and only 109 million in the private work force.  If those numbers are correct, it would be nice to know how that computes to CA.  I would wager there are more takers than makers, as one third of the countries gravy train riders live in CA.

[NHSparky]

"Hammer the rich"?

 More like convince them it's time to pack up and head to Nevada or Texas.

Frankly, CA is doing a death rattle now.

[PrivateerX]

I can't believe people are still surprised by this result from raising taxes.

[compaqxp]

But it now appears that high income earners have already “voted with their feet” by moving themselves and their businesses out of state

Anyone with a clue could have seen this coming a mile away. Oh well, I'm sure some of the other states will be happy to have those people.

[RightCoast]

A liberal friend of mine was giddy with excitement when she heard that the Gates Foundation was giving 5 million dollars to the city of Hartford as an education grant. When I asked her how much she thought Hartford spends on schools she said she didn't know, after a 10 second google search we found the answer: $284 MILLION in the 2011-12 school year.  She was far less confident that $5 million was going to do any good after seeing that budget. (Sorry no cops jumped out of bushes.)

[NHSparky]

I can't believe people are still surprised by this result from raising taxes.

It's the same reason people keep trying socialism despite dozens of failures and over 100 million dead in the last century--they just didn't have the "right" people in charge.

[Wineslob]

I can't believe people are still surprised by this result from raising taxes.

The Liberal/Progressive voters here are typical socialists. What? It did not work before? It'll work.... THIS time!!!!!!!


Yes I live in Ca, and I can't wait to see this come crashing down. I hope it'll purge the State of free loaders once there's no money for them.

[NHSparky]

The Liberal/Progressive voters here are typical socialists. What? It did not work before? It'll work.... THIS time!!!!!!!


Yes I live in Ca, and I can't wait to see this come crashing down. I hope it'll purge the State of free loaders once there's no money for them.

Frankly, it won't stop even then, because the dolts in SF/LA/Sacramento will just turn to Obama with outstretched palms.

And the day that happens, future historians will point to that event as the beginning of the Second American Revolution/Civil War.

[Sam Dodd]

They just passed this.  I'm pretty sure it won't take effect until January.

California Proposition 30, Sales and Income Tax Increase (2012)

Proposition 30, a Sales and Income Tax Increase Initiative, was on the November 6, 2012 ballot in California as an initiated constitutional amendment, where it was approved.[1]

Gov. Jerry Brown led the charge for Proposition 30, which was a merger of two previously competing initiatives; the "Millionaire's Tax" and Brown's First Tax Increase Proposal.[2]

[Eupher]

They just passed this.  I'm pretty sure it won't take effect until January.

California Proposition 30, Sales and Income Tax Increase (2012)

Partially wrong. The state budget passed by Dipsydoodle Brown and the Commiefornia Legislature assumed passage in 2012. The quarter percent of sales tax increase takes effect 1/1/13 and conclude - allegedly - in 2016. The big hits take place on personal income taxes. These taxes begin in 2012 for the high-end earners.

So Moonbat Jerry wasn't happy enough with just a sales tax increase in 2013. The ****tard had to hit earners as well in 2012, even basing their budget on the assumption that Prop 30 would pass, as it did.

Little wonder that businesses and high earners are bailing the **** out of that shitbird state.

http://voterguide.sos.ca.gov/propositions/30/analysis.htm

[Sam Dodd]

Partially wrong. The state budget passed by Dipsydoodle Brown and the Commiefornia Legislature assumed passage in 2012. The quarter percent of sales tax increase takes effect 1/1/13 and conclude - allegedly - in 2016. The big hits take place on personal income taxes. These taxes begin in 2012 for the high-end earners.

So Moonbat Jerry wasn't happy enough with just a sales tax increase in 2013. The ****tard had to hit earners as well in 2012, even basing their budget on the assumption that Prop 30 would pass, as it did.

Little wonder that businesses and high earners are bailing the **** out of that shitbird state.

http://voterguide.sos.ca.gov/propositions/30/analysis.htm

Well, the high-end "Receivers" have had tax cuts and breaks since 2001. They've pocketed enough money in their offshore accounts to still live comfortably with their meager increase in their HUGE incomes.

Point being, Breitbart lied in his article.

[Eupher]

Well, the high-end "Receivers" have had tax cuts and breaks since 2001. They've pocketed enough money in their offshore accounts to still live comfortably with their meager increase in their HUGE incomes.

Point being, Breitbart lied in his article.

So your statement that "I'm pretty sure it won't take effect until January," while partially false, is excused?

Once again, your hatred for those who "have" and your tendency to practice class warfare is evident.

How do you factor in those who have already decided to bail out, irrespective of the passage of Prop 30, and have done so?

Do you think it's entirely possible that people are seeing the handwriting on the walls and are bailing out of Commiefornia? Especially since the personal income tax is retroactive to Jan. 1 2012?

Don't you see this? Or are you just being obtuse?

[Sam Dodd]

So your statement that "I'm pretty sure it won't take effect until January," while partially false, is excused?

Once again, your hatred for those who "have" and your tendency to practice class warfare is evident.

How do you factor in those who have already decided to bail out, irrespective of the passage of Prop 30, and have done so?

Do you think it's entirely possible that people are seeing the handwriting on the walls and are bailing out of Commiefornia? Especially since the personal income tax is retroactive to Jan. 1 2012?

Don't you see this? Or are you just being obtuse?

Who  hates the rich?  They got GREAT tax cuts from 2001 to now and they also HIDE most of their income on offshore accounts.  I call that pretty good investment in buying the republican party.  But now the debt is expanding from the $13 trillion Bush left and we need them to pay what they did in 2000 when the deficit was balanced and the debt much lower.  How can that be a bad thing?

[Eupher]

Who  hates the rich?  They got GREAT tax cuts from 2001 to now and they also HIDE most of their income on offshore accounts.  I call that pretty good investment in buying the republican party.  But now the debt is expanding from the $13 trillion Bush left and we need them to pay what they did in 2000 when the deficit was balanced and the debt much lower.  How can that be a bad thing?

You've got BDS pretty badly. You should see a doctor for that.

Uh...Sam? In order for me to accept that bullshit that's oozes out of your mouth about how the rich "hide" most of their income on offshore accounts, you're going to need to post some support for that contention.

As it is, you're sounding like just another hack libtard with nothing better to do than to bash Bush.

[Sam Dodd]

You've got BDS pretty badly. You should see a doctor for that.

Uh...Sam? In order for me to accept that bullshit that's oozes out of your mouth about how the rich "hide" most of their income on offshore accounts, you're going to need to post some support for that contention.

As it is, you're sounding like just another hack libtard with nothing better to do than to bash Bush.

No problem.

Trillions hidden in offshore accounts

. . .

Though tax evasion and avoidance are only part of the reason for the shadow economy, they play a role. Tax losses to the United States amount to $1 trillion over a decade, according to the Congressional Research Service. That’s the amount congressional leaders tried to cut in last summer’s deficit showdown.

Read more: http://triblive.com/news/2126360-74/tax-money-accounts-taxes-countries-financial-hide-billion-china-global#ixzz2EgyrQ3GT
Follow us: @triblive on Twitter | triblive on Facebook


. . .

Here's a freebie on the income gap created by Bush's tax cuts.

U.S. Income Gap Rose, Sign of Uneven Recovery

. . .
 Income for the top fifth of American households rose by 1.6 percent last year, driven by even larger increases for the top 5 percent of households, said David Johnson, the Census Bureau official who presented the findings. All households in the middle of the scale saw declines, while those at the very bottom stagnated.

“You’re really struck by the unevenness of the recovery,” said Lawrence Katz, an economics professor at Harvard. “The top end took a whack in the recession, but they’ve gotten back on their feet. Everyone else is still down for the count.”

The numbers helped drive an overall decline in income for the typical American family. Median household income after inflation fell to $50,054, a level that was 8 percent lower than in 2007, the year before the recession took hold.
. . .

[Lacarnut]

No problem.

Trillions hidden in offshore accounts

Show me an IRS statue that states that it is illegal for anyone to put their wealth in a foreign bank which taxes have been paid on. You can not. Strike 1
Those funds must be reported to the IRS at the end of the year but are not taxable under a reporting penalty if not reported.  Many of the tax cheats have paid up cause the IRS gave them a time period to report that money without severe penalties and jail time. This is being negotiated as we speak. Many of the banks that have given the IRS the names have already paid taxes on that money which I will say again is not ILLEGAL. Hiding your money is legal. Got it.

Secondly, any US citizen can buy immediate citizenship in two Carribean countries and renounce their US citizenship along with obligation to pay taxes to the US in a very short time frame. Not that many have done that YET. However, it may come to that point.

Thirdly, any individual or corporation can earn money outside the US and if that money does not come back to this country, it is not taxable. How the hell do you think GM & GE made a profit and paid zero corporation taxes. Almost forgot, those are two of Obama's top economic advisers who have rooked the system. The US taxpayer bails these two crooked companies according to your logic and exports the jobs to China. What a great deal for the Chinese. Let's not forget another liberal Obama whizz who owes the Treasury millions and is fighting tooth and nail to avoid those taxes. What a hypocrite your boy Buffet is.     

[Ptarmigan]

How quixotic of them. 

[SSG Snuggle Bunny]

I can't believe people are still surprised by this result from raising taxes.

You'd be surprised at how many people would be surprised.

[SSG Snuggle Bunny]

No problem.

Trillions hidden in offshore accounts

And what makes you think you deserve a single red cent of any of it?

You produced none of it but you're a greedy little thug who wants to take what others have made.

You're a crook and a thief.

[Zathras]

Who  hates the rich?

You, the rest of your liberal bretheren and the government (both fed and state). Next question.