So Ebola and I Were Just Discussing the Proposed California “Millionaire’s Tax”
That’s the “New and Improved” one, by the way ~ where they ride scorched earth over any semblance of sanity, see Governor Moonbeam’s original proposal and raise it (by the way, the Socialists are screaming FITS about this little accord):
Joining Forces with Governor Brown
As has been reported by the news media, one week ago the Millionaires Tax Coalition came to a negotiated agreement with Governor Brown, Senate President Pro-tem Steinberg, Speaker Pérez, and their allies by setting aside our separate ballot measures and joining forces on a new initiative to raise needed revenue for California public education and social services.
This agreement represents a major victory for the thousands of Californians who have risen up over recent months to demand that the wealthiest Californians start paying their fair share, that low and middle-income families still reeling from the Great Recession be spared undue burdens, and that our state raise sufficient, reliable revenue to restore cuts to education and vital services.
“Paying THEIR FAIR SHARE”. Oh, man. What a barftastic, high school sincerity line, like Miss Congeniality = “World Peace”. And you can read that last sentence as: “make sure to keep the feebies flowing and the public unions happy”, got it?
An estimated $9.2 billion deficit turns into an actual $16 billion blackhole that has everyone scurrying for answers and, in typical California fashion, nothing ever reverts to reality. The folks in charge just reach for someone else’s wallet and have their minions march in the street with a skin drum. Dude.
But the dwindling effect isn’t limited to dollars in the drawstring purse Governor Brown takes when he wanders barefoot with his milk cow to market.
What I found (while we were pondering what a livefeed satellite would pick up scurrying outbound from the state into friendlier surroundings resident-wise) was pretty telling and that data is already three years old:
The wealthy in California
According to the state Franchise Tax Board, those earning $500,000 or more a year make up 0.5% of tax filers in the state, and pay 32% of the state’s total take from the state income tax. The number of such residents has declined since 2007
Year Residents earning $500,000+
2007 146,221
2009 98,610
So ONE-HALF of ONE PERCENT of the entire TAXPAYing populace (I am differentiating between those who exist ON the State and those who contribute to its upkeep, yes) pay ONE THIRD of its revenues and, according to these FAIR SHARE hand-out-hand-in-your-pocket types, the BASTARDS STILL aren’t paying their way?!?!
Apparently not. Not only not paying their fair share, but less of them doing so and, I would think given the state of the economy, doing less paying altogether.
Awkward. Someone should have been calculating. (Don’t they get paid big bucks for this sort of stuff in state offices? I’m available.)
But it does beg the question: with 50,000 people of means fleeing the state ‘twixt ’07 and ’09, how many are still left three years later, and…do they really wanna stick around? Pay this much more “fair shareness”?
…Proposal’s details
The new proposal would increase the sales tax by a quarter of a cent instead of Brown’s proposed half-cent. Personal income tax would go up by one percentage point for individuals making $250,000 a year or couples making $500,000 a year. Individuals making $300,000 a year or couples making $600,000 a year would see an increase of two percentage points. And, individuals making $500,000 and couples making $1 million or more would see a tax hike of three percentage points.
The personal-income-tax increase would last seven years, and the sales-tax increase would expire after four years
I believe the phrase is “cause and effect”. The Santa Cruz Sentinal noticed, too:
…And, with everyone lining up to tax the wealthy, consider that the state Franchise Tax Board…[ths notes: verbatim as above]…
It’s this overreliance on this tiny fraction of taxpayers that has caused the state’s budget picture to soar or, in recent years, to plunge into the abyss.
The rich paid about half as much in income taxes in 2009 as they did in 2007, according to the Sacramento Bee.
Considering that wealthier taxpayers are either in decline or fleeing the state, it’s hard to see how they’ll be able to rescue the state’s broken finances.
I guess you can beat yourself over the head with those statistics and it don’t make no never-mind when someone’s definition of your hard earned money as their “fair share” is at stake.
I mean, fair’s fair, but robbery’s still a crime in most states, although I hear it’s pretty fair in Arizona or Texas.
Can’t wait to see who what Ebola’s caught on the satellite making a run for the border.
Life, Nanny State, People, Politics | tree hugging sister | 
May 21, 2012 1:26 am
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One of the things I ask my liberal friends and colleagues when it comes to the “paying their fair share” I ask what they would consider a “fair share”? Some make no bones about it, they want a confiscatory high rate. Others suggest something lower than the current effective rates.
California pays lifeguards $200,000 a year. Moonbeam could get his feebies from them.
California is lost for now. Like most addicts, they are going to have to hit bottom hard and suffer the consequences. The new battle line is preventing the feds from bailing them out.
I knew we were in the shit when my fellow maniacs elected Jerry again. Me, I had enough of his act in the 70’s.
People making around 50-75K are going to get hit hard too. Between the public service unions and the greenies the state is doomed not to mention all the illegals who send quite a bit of change back across the border. Glad we got out there
It’s my understanding that every penny of the tax increase slated for ‘public education’ is to go to the public school teacher’s pension fund.
We need to build a wall around California to keep those nutcases away from the sane people.
Two words: Barney Frank. He and Chris Dodd, more than anyone else, are responsible for the housing bubble thanks to reckless enablement of Fannie Mae and Freddie Mack. It’s shameful to see community organizers taking advantage of uneducated people’s ignorance by trying to misdirect blame.