If I have any readers in California let me extend my sympathies. Not only do you have to suffer from draconian gun control laws but your state is also a sinking ship economically. Apparently the politicians of that state aren’t content with the people they’ve already driven off by their ever increasing tax rates since they’re looking to jack up the taxes again:
California also hopes for $1.5bn in revenue over the next year after this week’s Facebook stock flotation.
In outlining the proposal, the Democratic governor said on Monday the state could not overcome its deficit by cuts alone.
“It’s taken more than a decade to get into this mess. We’re not going to get out of it in a year,” he told reporters. “But we’re making real progress.”
California residents will vote in November on an increase in the sales tax as well as an income tax rise on those making more than $250,000 yearly. Both measures would be temporary and would also increase education spending.
First of all let me just remind people that temporary tax increases have a habit of becoming permanent. With that said those of you making $250,000 or more and live in California you can rest assured that your potential new tax rate of 10.3% is likely be temporary… because your government officials will try to increase it again and again. California is the poster child for stupid economic policies. It demonstrates what happens when the collectivists get their way. As the state moves to bleed every wealth producer dry those wealth producers leave the state and take their jobs with them. While the collectivists scream “Tax the rich!” they forget that “the rich” are the ones who have enough resources to pack up and go elsewhere.
If you live in that state you should get the heck out of there now before they start preventing people from leaving.