Our politicians are economic idiots! Don't they ever learn from history?
California is bucking to be the highest-taxed jurisdiction in the United States. To close our budget gap, our "clueless" legislators want to put a $9.7 billion tax hike on business and the rich. These idiots say they want new jobs, but they hamstring business with regulations and confiscatory taxes. Two very large California employers announced they are leaving the state - the AAA Call Center is closing its call centers, and Toyota is canceling plans to build its new Prius hybrid at its San Francisco Bay plant, moving to a more progressive and pro-business state - Mississippi.
Most people don't realize it, but Census Bureau data shows that from 1996-2005, 1.3 million more Americans left than came to California. Those leaving the state are disproportionately those with higher incomes - the ones Democrats want to tax more.
We hear "the Messiah" prattle on about tax fairness. Just look at The California Tax Board's Annual report for 2006. The top 1 percent of taxpayers paid 47.5 percent of the personal income tax; the top 5 percent paid 67.9 percent of all personal tax. The bottom 60 percent of taxpayers paid just 3 percent of total tax, while the top 20 percent paid 88.7 percent of the total personal income tax. This is fairness?
The IRS has come out with its tax data for 2006. The top 1 percent of taxpayers, those who earn above $388,806, paid 40 percent of all income taxes. The top 10 percent, those earning more than $108,904, paid 71 percent of the taxes. Obama says he is going to cut taxes for those at the bottom, but those in the bottom half only paid a record low of 2.9 percent of all income taxes, while the top 50 percent paid 97.1 percent. So we really have half the country supporting the other half.
The most industrialized states (New York, Ohio, Michigan, Illinois, California) are the highest tax states and strangle businesses with regulations and taxes. Is it any wonder Florida, Texas, Arizona and Nevada (states with no income tax) get so many fugitives from high income tax states?