Californiaâs Nightmare Will Kill Obamanomics
- Thread starter Tom B
- Start date
What is it about challenging someone to a $1,000 bet that you don't seem to understand, or do you always look so mentally challenged and handicapped?
I made the challenge against his claim that I have an alias.
Thus far, he has not accepted the bet nor has he agreed to put up $1,000 with a moderator in an escrow arrangement.
I have.
here's the problem, kids.
the top few percent of wage earners in the state pay an overwhelming amount of the personal income tax. (that's also true at the federal level.) when the economy gets hit hard, that small minority ends up paying a LOT less because that small minority tends to be business owners and entrepreneurs and workers whose income fluctuates with the economy. year over year, personal income tax revenue in calif declined by 45%, and corporate tax revenue by 55%.
that's what happens when you have tax brackets that require the wealthiest to pay most of the taxes. wealthy people do not derive most of their income from stable salaries; their income stream is inconsistent
the top few percent of wage earners in the state pay an overwhelming amount of the personal income tax. (that's also true at the federal level.) when the economy gets hit hard, that small minority ends up paying a LOT less because that small minority tends to be business owners and entrepreneurs and workers whose income fluctuates with the economy. year over year, personal income tax revenue in calif declined by 45%, and corporate tax revenue by 55%.
that's what happens when you have tax brackets that require the wealthiest to pay most of the taxes. wealthy people do not derive most of their income from stable salaries; their income stream is inconsistent
florida's budget situation isn't as bad as calif's, but even if it were, at least florida has an excuse. they're consistently in the bottom 5 states in terms of lowest tax burden on citizens, whereas calif is always among the highest. if you're among the states that take the most from your citizens, you better not have budget problems every goddamn year