As of 2010, the state relied upon 144,000 households, 1 percent of taxpayers, for 50 percent of total state income tax... [With Proposition 30's passage,] the top 10 percent of earners would be responsible for over 80% of the projected income generated
This is a problem that can only be solved with higher taxes, union ownership of government and illegal immigration. And by solved, I mean empty the state of everyone who earns a living without working for the government and speaks English which will turn California into a place that Greece favorably compares itself to.
California residents already contend with one of the most progressive tax codes in the country. Not only does California have high marginal rates, those high rates kick in at relatively modest income levels. California’s middle class residents earning $48,000 a year, for example, pay a state tax rate of 9.3%. Millionaires in 47 other states don’t even pay that high of a marginal rate. However, one of the state tax code’s greatest flaws is it’s over-reliance on upper income households and the revenue volatility it creates, and that is a problem that Prop. 30 would further exacerbate.
As of 2010, the state relied upon 144,000 households, 1 percent of taxpayers, for 50 percent of total state income tax... [With Proposition 30's passage,] the top 10 percent of earners would be responsible for over 80% of the projected income generated - a fact that Gov. Brown and other advocates of the bill readily acknowledge.
What the left has forgotten is that California and America were built by people who decided that they could do better somewhere else. And by "do better", I don't mean pump the well dry of free stuff, but have the freedom to build things, start families and live their lives.
People will go on doing that. There will be just less and less of them doing it in California. New lands of opportunity keep opening up, even as an old land of opportunity turns into a place that King George III would have said was too repressive and tax-hungry.
When your economy is based on unsustainable spending on the backs of the middle class, then the middle class will shrink through attrition or escape through the moving van. Either way the ObamaPhone economy loses.