California State Controller John Chiang has announced that total state revenue for the month of November 2012 fell $806.8 million, or 10.8%, below budget. Democrats thought they could hammer “the rich” by convincing voters to pass Proposition 30 to create the highest state income tax in the nation. But it now appears that high income earners have already “voted with their feet” by moving themselves and their businesses out of state, resulting in over $1 billion shortfall in corporate and income taxes last month and the beginning of a new financial crisis. Passage of Proposition 30 set off euphoria
If California had more businesses and more people with decent jobs and homes they owned (that would follow with more businesses), they´d see more tax revenue. Trouble is, the hyper-taxation drives away businesses, downsizes or closes up those that remain, puts people out of work and uses up their wealth. Revenues drop. What a dilemma Sacramento has created!
Here´s a clue. When you attract an unlimited number of third world illegals with free stuff and they elect even more people who give them more free stuff, they (illegals plus illegal-pandering legislators) turn your state/country into a third world hellhole.
Now we have a President doing this to the entire country. Pretty soon there won´t be state left that you can run to.
I live in California, and it feels a lot like being on the deck of the Titanic, waving to the people leaving in life boats. Two days after the election, a soft-ware company here in San Diego announced that it was moving to Texas. Employees have till the end of the year to decide whether to move with the company or take their chances finding another job here. (Good luck with that.) Then, our very best neighbors on the block--the people you call in an emergency, the people who organize block parties--announced that they are moving to Texas. They have a small business and want to expand. No way can they do that here. Their house is up for sale and they´ll move as soon as escrow closes. Meanwhile, another house on our block has gone back to the bank. But our dynamite legislature is preoccupied with outlawing plastic bags and insisting that the contribution of gays be taught to elementary school students.
Revenues in freefall despite tax increases. I´m shocked, shocked!
Liberals are so stupid they literally thought that businesses and high-earners would be euphoric, too, over the chance to provide even more lavishly for government workers and parasites (redundant, I know) who actually voted for this piece of crap.
We don´t have to bother with secession. We´ll soon have our own pleasant, well-run states populated by sensible and responsible people; and they will have their self-righteous, politically-correct, parasite-riddled hell holes.
My son is a college student and still lives in California. He called me awhile ago and told me to send plastic grocery bags to his Grandma (my mom). The county on the central coast where they live has already banned them.
I miss the beautiful scenery California has to offer, but I don´t think I´ll ever miss the lefty lunacy.
I live in the Central Coast where the plastic bags are banned AND all retailers have to charge 10 cents a bag for paper bags. It won´t be long until the articles will be flooding the news of disease being spread by the dirty reusable bags people are forced to haul into the stores. And I too hear the stories of businesses closing.
Despite all of that, after spending four years in solid traveling in all of the 48 states, there is no place I´d rather live.
Sigh....I mourn for my state...the idiots in Sac are so stupid they couldn´t pour p*** out of a boot if the instructions were printed on the heel. We have contemplated moving, but with my Mom with moderate to severe dementia, there is no moving at this time. We live in one of the poorist counties in the state, with agriculture as our major business. Lots of businesses have closed, it´s a sad state of affairs.
They say that California has always been the trend setter for the entire USA. Well it looks like California has already fell off the fiscal cliff and that the entire USA guided by Obama is sure to follow.
They bulldozed the orchards I loved in 1968 and replaced them with freeways and shopping centers, in the Santa Clara Valley. In 1979 I returned and stayed with my father, while trying for months to find a place to rent. It would take two hours to drive the 10 miles to work on the freeway. The illegals already had most of the jobs and housing, and it was no longer the California I grew up in. I gave up and moved to New Mexico. Unfortunately, the Cal liberals followed me, and they shut down logging, ranching, and mining. They are like a pestilence that destroys an area and moves on to the next.
Since Obama et al knows all this - that raising taxes lowers revenue - what is the reason for doing this to the entire country? The fact that he doesn´t want to eliminate loopholes - like the ones his friends from GE and Warren Buffet use - means that the "rich" aren´t his actual target - at least the ones who support him.
I have to imagine that his real target are independent thinking smaller businesses - entrepreneurs who want the government off their back. If Obama eliminates the middle class then we´ll only have the controllers and the takers and the takers will wake up someday and realize they are all equally miserable with no way out since they´re both dependent on the government.
I work with a guy originally from Eritrea in Africa which he tells me was the most industrial country in Africa with a ton of Italian influence. His mother speaks fluent Italian, cooks Italian from scratch, etc. But then someone took over by force and now they are the least industrialized country in Africa...which is saying a lot. Seems to me this is what Obama has in mind - turning us into a third world country while he and his friends live like rich Arabs.
Much of the budgetary woes California is in now can be attributed to the power of politics corrupting even some of the decent legislators in Sacramento. It´s like an addictive drug. Benjamin Franklin was right when he said, "when people find that they can vote themselves free money, that will usher the end of our republic". Case in point are Detroit, Chicago, and Sacramento.
They started with temporary increase of corporate taxes, sales taxes, and income taxes. The lost corporate tax revenue, raised money with the sales tax (unavoidable) and lost a little on the income tax. You just knew that this wouldn´t convince them that tax increases didn´t work. So now they´ve made it part of the tax code and surprise, they lose revenue. California won´t let the oil companies drill for oil they know is there, won´t let the farmers have the water from the reservoirs built for that purpose, and have driven the motion picture industry to film in other states. Where are they going to find money to tax?
That´s the funniest part of this article, the last paragraph. "As panic spreads that goosing taxes on the rich may have created enough “tax flight” that the California will actually collect less taxes, there was welcome news that a business had committed to opening in the State. Executives of the 99 Cents Only Stores Inc. proclaimed they would be opening a new location in Beverly Hills on formerly posh Rodeo Drive."
Perhaps they will be able to sell to the squatters living in the abandoned houses in Beverly Hills once the rich actors have set up residency in another state.
All Cal. needs to do to become solvent is charge a 10% fee on all wire transfers out of the state.Of curse they did just the opposite and made it easier by people depositing cash in a debit account and giving the people on the other end their PIN .
They are doing it wrong. They need to tax everyone one-hundred percent. The dummies who keep electing tax collectors don´t realize it´s not about raising taxes. It is about economic equalizing to the lowest common denominator.
The worst part is that the responsible uneducateds will flee the state and infest the rest of the nation. Someone alluded to FLA. It is full of NY socialists.
The poor riff-raff sure love it when you give away the store. But soon the store goes broke and out of business. Then everyone is left with nothing. The smart folks voted with their feet. Good for them!
We need to get back to letting the states decide issues such as how much to spend on social programs. If states like California want to spend a lot of money, and tax their citizens accordingly, then that is thier business.
The Federal government is broke. A centralized power in Washington DC is not a good thing. We should cut back Federal spending and federal taxes, and let the states decide how much to spend and how much to tax.
This is why we need a new political party to replace the Repugs. Neither the Dimms nor the Repugs want to decentralize power outside of Washington.
Poster #29: Since Obama et al knows all this - that raising taxes lowers revenue
This has been in the public record for five decades, President Kennedy said this when lowering taxes. 0bama admitted he knew this to be true in a pre-primary debate with HiLIARy in 2008. The moderator, Charles Gibson referenced specific tax increases and decreases with Reagan, Clinton and Bush and their inevitable consequences.
0bama then said, "Yes, but, I want to raise taxes to be fair." He has a distorted definition of "fair," he doesn´t care about lowered revenue.
House and Senate negotiators were putting the finishing touches Sunday on what would be the first successful budget accord since 2011, when the battle over a soaring national debt first paralyzed Washington. The deal expected to be sealed this week on Capitol Hill would not significantly reduce the debt, now $17.3 trillion and rising. It would not close corporate tax loopholes or reform expensive health-care and retirement programs. It would not even fully replace sharp spending cuts known as the sequester, the negotiators’ primary target. After more than two years of constant crisis, the emerging agreement amounts to little more
The sequester, no matter how imperfect a policy, is arguably the only victory for fiscal conservatives in a very long time. Their victory is also president Obama’s biggest defeat (outside of the self-inflicted disastrous Obamacare rollout). It is also another opportunity to remind the American people that the alarmist predictions that we were all subjected to about the devastating impact sequestration would have on our economy didn’t materialize. Yet, in a new move, Republicans are once again considering caving to Democrats and getting rid of the spending cuts. This morning’s Wall Street Journal has the following. Still, officials close to
President Obama’s repeated use of presidential powers is causing a tough problem — his own supporters now expect him to use it to achieve everything they want. From immigration to the minimum wage, congressional Democrats and liberal activists this week urged Mr. Obama to declare an end run around Capitol Hill, assert executive authority and make as much progress as he can on the expansive agenda he laid out for his second term. A day after Mr. Obama denounced income inequality, progressive lawmakers said he should take the lead by issuing an executive order requiring all federal contractors to pay
Three crises, one president, many bewildered friends. The first crisis, barely noticed here, is Ukraine’s sudden turn away from Europe and back to the Russian embrace. After years of negotiations for a major trading agreement with the European Union, Ukraine succumbed to characteristically blunt and brutal economic threats from Russia and abruptly walked away. Ukraine is instead considering joining the Moscow-centered Customs Union with Russia’s fellow dictatorships Belarus and Kazakhstan. This is no trivial matter. Ukraine is not just the largest European country, it’s the linchpin for Vladimir Putin’s dream of a renewed imperial Russia, hegemonic in its neighborhood and
Entering his sophomore year at Occidental College, Barack Obama sought a political movement to match his personal awakening, which he signaled to friends and family at the time by reclaiming his African first name. Barry became Barack that year. He had read Du Bois, Fanon, Malcolm X — an array of authors writing about the black struggle for liberation in his country and in others shaking off the legacy of colonial rule around the world. That is where he looked for — and found — a figure and a cause to channel his rising political enthusiasm: Nelson Mandela, then imprisoned
I´m generally for more disclosure in campaign finance, but the best argument against requiring full disclosure by groups engaged in political speech is that politicians sometimes retaliate against their critics. Sen. Elizabeth Warren inadvertently made that very argument this week. As told by Ben White at Politico, a group called "Third Way" criticized Warren. Warren apparently suspected that Third Way´s criticism of her was funded by banks. So she wrote a letter to bank CEOs demanding they disclose which political groups they´re funding. Warren sits on the Senate Committee on Banking, Housing, and Urban Affairs. She´s basically telling the entities
A stunning new study unveiled on Fox News´ Hannity finds that President Barack Obama’s White House calendar records just one face-to-face meeting between Obama and his Health and Human Services (HHS) Secretary Kathleen Sebelius in the more than three-and-a-half years leading up to the disastrous Obamacare launch. The startling statistic comes from a new Government Accountability Institute (GAI) analysis of Obama’s own official White House calendar, as well as the Politico presidential calendar, and raises new questions about Obama’s executive leadership and management throughout the implementation of his singular legislative achievement. More alarming still, the president’s schedule lists 277 private
The question all week long was this: Who are you going to believe, an illegal alien or the president of the United States of America? Obviously, if it’s a president who once went by an alias, Barry Soetoro, you go with Uncle Omar, 100 percent, no questions asked. And so it was that the White House finally admitted to another, uh, misstatement — despite previous denials, Barack/Barry did sleep on his beloved Uncle Omar’s couch in Cambridge when he first moved here to attend Harvard Law School (speaking of which, we’re still waiting to see the president’s grades and his LSAT scores). But the
More young men in California rise in pitch at the end of their sentences when talking, new research shows. This process is known as "uptalk" or "valleygirl speak" and has in the past been associated with young females, typically from California or Australia.But now a team says that this way of speaking is becoming more frequent among men.The findings were presented at the Meeting of the Acoustical Society of America in California. "We found use of uptalk in all of our speakers, despite their diverse backgrounds in socioeconomic status, ethnicity, bilingualism and gender," said Amanda Ritchart, a linguist at the University of
How do you get your arms around the catastrophe known as Obamacare? Is it even possible? At this point, I’m not sure it is. The list of individual disasters which threaten to ruin one-sixth of the U.S. economy and what has been, up until now, the best healthcare system in the world is exhaustive, and exhausting. The examples I will identify here barely scratch the surface. First but by no means foremost, we have the supposedly new and improved HealthCare.gov. Except it’s not, even the visible part. Stories still abound of people still failing to get in or to get through the enrollment
DAVID CORN: I saw a president who remains frustrated with the political-media culture that he has to work within, and that he´s looking to rally people, students here, and supporters, and people within the media. CHRIS MATTHEWS: But David Corn, you skeptic. He came to us today. He came amongst us. CORN: He´s trying to rally people behind this vision that he´s been promoting for a couple years. FINEMAN: By the way, he did it the end here, today, Chris, not by defending specifics, but by explaining why he´s in the game to begin with. And I don´t know about you, he´s
The National Highway Traffic Safety Administration has announced a new five-year strategic plan to improve safety for elderly drivers and passengers. Although they are statistically among the safest on the road, the number of older drivers is increasing dramatically — and with it, that group´s numbers of injuries and deaths. Since 2003, the population of older adults, defined as age 65 and older, has increased by 20% and the number of licensed older drivers increased by 21% to 35 million in 2012, according to NHTSA. Last year, NHTSA reported that 5,560 people older than 65 died and 214,000 were injured
The most curious thing of all about the November jobs report released on Friday was the huge drop in the unemployment rate — and the fact that the Labor Department chose not to disclose that the data going into that figure are under investigation for falsification. On Nov. 19, I broke the news in my column that the Census Bureau, which collects data that goes into the jobless rate on behalf of Labor, had caught one of its enumerators fabricating interviews in 2010. The culprit said back then (and to me during an interview) that he was told to do so by
7. On the U.S. war with Iraq: “If there is a country that has committed unspeakable atrocities in the world, it is the United States of America. They don’t care for human beings.” Via cbsnews.com 6. On Israel: “Israel should withdraw from all the areas which it won from the Arabs in 1967, and in particular Israel should withdraw completely from the Golan Heights, from south Lebanon and from the West Bank.” Via jweekly.com 5. On the U.S. war with Iraq: “All that (Mr. Bush) wants is Iraqi oil.” Via cbsnews.com 4. Mandela on Castro and the Cuban revolution: “From its earliest days, the Cuban Revolution has also been a