In a vote that would make Obama proud, Californians had the choice to raise everyone's income taxes or just raise income taxes on those making over $250,000. Guess which they chose. We have reached the point in society where the majority can decide to raise taxes on a minority. Proposition 30 had an 8 percentage point lead Wednesday morning, with 99 percent of precincts reporting. Prop. 30 will raise the sales tax by one penny for every $4 spent for four years, while increasing the income tax on the state's highest earners for seven years. It would generate about $6 billion per year in new revenue. The sales tax hike will go into effect Jan. 1, while the personal income tax increase is retroactive to the beginning of this year. Voters easily defeated Prop. 38, which would have increased the income tax rate on nearly all Californians for 12 years, generating about $10 billion per year. Nearly all of that money would have gone to public schools, though some of it also would have been spent to pay down the state's debt. http://www.sfgate.com/politics/article/Props-30-38-California-tax-measures-4014648.php
I think California should raise taxes on anyone in the entertainment industry. Say a 95% rate with no loopholes. Then lets see how many flaming liberal actors/actresses elect to stay there.
They already go to Canada, Texas and other places to shoot their movies to avoid some california taxes.
And it still won't be enough. California and Illinois are coming for their federal gift/bailout next year. They're broke and need a "assistance". I wonder how this get's spun in the news cycle?
"Obama graciously gives California and Illinois 10 billion dollars each from his personal account of unspent stimulus funds appropriated in 2009."
Exactly. This has been the plan all along, it's no wonder that any hint of "austerity" was laughed off. The teacher's go on strike, get bigger pay packages...cities like Chicago are hopelessly broke, many municipalities in Cal have already filed bk. The hundreds of billions in pension liabilities put Illinois at the bottom of the list as far as creditworthy for muni bonds... O knew that he couldn't pull off the bailouts in a first term...but now we'll get the tsunami of reckless socialism run amok. Hence, there will be absolutely no fiscal sanity whatsoever...reminds me exactly of Bullet Ben and ZIRP along with their machinations in the bond market...just facilitate even more mal-investment and misallocation of resources by allowing the bureaucrats to borrow at next to nothing and run up the deficit. Now the states want the same priviledge.