Ahh the "voters" are getting what they wanted. Senile California Govner Jerry Brown wanted more taxes. Well, they are here.....
Congress and President Obama just worked out a deal for massive tax increases that will slam Californians. The federal tax hikes hit even the middle class, whose payroll taxes will rise 2 percentage points.
The federal wallop comes on top of the $6 billion of Proposition 30 tax increases voters passed two months ago. The tax increases almost certainly will spark a new recession and increase unemployment.
Gov. Jerry Brown campaigned for his tax increase by appealing to envy. He insisted that the rich must “pay their fair share.” That never was defined. Is it half of income? Or 75 percent, as in France? Why not 100 percent?
And he didn’t care that federal taxes likely would go up, as indeed has happened.
Including the Obamacare and other tax increases, the top federal rate personal tax rate rises from 35 percent to 41 percent.
Add the new top California personal tax income tax rate of 13.5 percent, and the combined top rate here now comes in at 54.5 percent.
However, by moving to Nevada, Texas, Washington, Florida or another state with no state income tax, that rate drops to 41 percent (the federal rate alone), or a 25 percent decline. Plus other taxes would be lower. And real estate is a lot cheaper. Of course, California’s balmy climate also would be gone.
Oh yeah, we got the weather. Yeah us.....