We might as well run TV ads and erect billboards along the border proclaiming: “Welcome to California, the land of opportunity. Make a fortune so state politicians can grab a sizable chunk.”We’ve already got by far the highest income tax rates in the nation, topping out at 13.3%. The top 1% of earners pay between 40% and 50% of the entire state income tax collected annually. The top 0.1% kick in about 20%.California is infamous for its unfriendly business climate, with byzantine regulations and an agonizingly slow permitting system.“It sends out the worst possible message to the people we need in the state, the people who produce jobs,” says Rob Lapsley, president of the California Business Roundtable.
I know I keep commenting on this story but I love it on so many levels. This ballot initiative is probably going to pass despite the objection from Gavin Newsom and California Democrats who cannot control the Frankenstein monster they've created. As the stats above indicate, California was already heavily dependent on a top-heavy taxation system. But the 13% (!!!) state income tax just wasn't enough to fund the profligate spending in Sacramento.
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