Taxing the Wealthy Seems to be Working Well for California.

[guachi]

that temporary tax increase that is now going to be extended?

liberals are such liars.

The tax increase is being voted on in November. November hasn't arrived. Therefore it's a lie to say "is now going to be extended".

Referenda have a low chance of success in California.

 

[guachi]

Gov. Davis, the POS that got impeached via recall....that Gov. Davis? California is full of fuktards and Gov. Brown is proof. I hate living here and only do because of family.

Bah. I meant Brown not Davis which should have been obvious from context.

 

[guachi]

That rainy day fund would rise to 4.6% of an annual budget, and you're crowing? :wub:
Pisst, you had more in annual deficit than that. It won't mean a thing at that meager size.

Considering the dire fiscal shape the state was in before, it's a bleedin' miracle.

It could be Republican Kansas where they have no money.

Or Illinois which didn't have a budget for a year.

Or my home state of Montana where the Democratic governor is the only thing keeping the Republicans from raiding the rainy day fund for tax cuts (for the wealthy, of course)

That Democrats are more fiscally sounds isn't surprising.

At the federal level, the Democrats and Republicans have split the last 14 elections.In their seven four year terms, the Republicans have reduced the deficit as a % of GDP once, and that was Reagan's second term. And he still didn't reduce it by more than he raised in his first term.

The Democrats have reduced it six times and Obama's second term will likely make it seven.

Also, job growth is 90% higher with a Democratic president.

 

[sportage]

CA is on the right track.
And this does indeed prove taxing the rich vs trickle down economics is the only way for state and legislation to go.
While CA exceeds and succeeds all of those republican controlled states that are now very much hurting, and those tax breaks to the wealthily never did pan out to a better economy for those republican controlled states, the republicans should take a clue.
Or the electorate in those hurting republican controlled states should kick out their republican governors and legislators.

But I wonder....
What CA has done has paid off for the state, so far.
I fear California will become complacent and letting spending spin out of control with this new windfall of tax income, where taxes will need to be further raised and not just for the wealthy next time.

CA must govern it self as if they are still in a pickle financially, and not go on a give-away spending spree with this tax money.
I doubt CA can keep this new found prosperity going. Somehow, they will screw it up.
And then the republicans will say, 'SEE, WE TOLD YOU SO. THE ONLY WAY TO GO IS TRICKLE DOWN AND GIVING THAT TOP 1% ALL THE BREAKS."

 

[michal1980]

The tax increase is being voted on in November. November hasn't arrived. Therefore it's a lie to say "is now going to be extended".

Referenda have a low chance of success in California.

not a lie, when commiefornians are supporting keeping the higher taxes.

http://www.sfgate.com/news/article/California-s-temporary-tax-increase-should-be-5928248.php

 

[shady28]

$7B "rainy day" fund...

TX has had such a fund since at least 2007.

Here in TX we have about 1/3 of CA debt per capita and the state has been lowering taxes. Our fund is about twice the size of CA's.

But congrats on your higher taxes and $7B of rainy day funds.

I lived in CA for 3 years. This article below is dead spot on. 2, 3, sometimes 4 families living in 2BR apartments for the working class. Solid middle class incomes is a guarantee of never being able to retire unless you're OK with a 2 hour commute into the major metro areas.

Yeah wonderful state. For the 1%.

CALIFORNIA: "LAND OF POVERTY"

The Best and Worst Run States in America: A Survey of All 50


The Big Reason Toyota Is Moving 3,000 Jobs from California to Texas

Toyota’s $300 million Texas headquarters will open in 2017, and will eventually accommodate up to 5,000 workers.

While home prices may have been a main driver, the company was likely also motivated by Texas’s lower taxes and a regulatory climate that’s seen as much more favorable to business.

The [TX] Legislature Is Hoarding $18 Billion of Your Money

Texas leaders will brag that they have balanced the state budget and put forth proposals to cut the state business tax and to reduce property tax burdens. What they won’t tell you is they are hoarding more than $18 billion ... This year’s proposed tax deal this year provides about $1.2 billion in tax relief for homeowners by increasing the homestead exemption by $10,000 – likely to result in an average savings of about $126 a year for each homeowner.

 

[s0me0nesmind1]

CA is on the right track.
And this does indeed prove taxing the rich vs trickle down economics is the only way for state and legislation to go.

How does this prove that? The problem is that when taxes go up (and continue to go up and taxes are extended), a business can't go "Well, I guess we will move all our operations to Texas tomorrow". It's something that occurs over time gradually.

 

[Hayabusa Rider]

How does this prove that? The problem is that when taxes go up (and continue to go up and taxes are extended), a business can't go "Well, I guess we will move all our operations to Texas tomorrow". It's something that occurs over time gradually.

He's a bot. Regardless of any else people are leaving CA, well not the wealthy. It may be good for the wealthy of CA and apparently that means CA itself, but the "little people" seem to be saying "Lets GTFO". Someone let me know if that's not the case, but I suspect I won't be contradicted.

 

[IBMer]

Don't act like it isn't a cycle though. Some business's are leaving California because housing has gotten too expensive, not because of property taxes or state taxes, but because so many people want to live there. It doesn't make sense for companies that don't have employees with high salaries such as engineers to have their HQ there. The same can be said for Boston, Austin or Seattle.

 

[Jaskalas]

"Taxing the wealthy", aka prop 30, was estimated to bring in $6 billion a year for CA.
For perspective, their 2016 budget is $125 billion.

The economy is inflated right now, when it deflated in 2008 California lost over $15 billion in revenue. It stands to reason that they gained all that back, and more, during the rebound and easy money policies from Wall Street. In fact, to demonstrate how much more additional revenue the market has given California, their 2016 budget is 42% larger than 5 years ago. Sounds like they've gained $35 billion annually. Far more than the tax provided.

I have no doubt the tax helps balance the budget... but based on the numbers we're working with the OP's attribution is more than generous, it's flat out wrong.

 

[1sikbITCH]

http://www.laweekly.com/news/california-taxes-the-rich-and-still-kicks-economic-ass-7049124



Bill Maher rips Republicans: https://www.youtube.com/watch?v=e3_5qlxHmME

So, Republicans have been saying that if you increase taxes it will lead to an exodus of businesses. Yet, this is the furthest from the truth. Even with a tax increase on the wealthy, California's economy is kicking ass! The wealthy have not left in droves. Also, California just surpassed India and France to be the 6th largest economy. Amazing.

California is a big vacation land. Bit different than say Idaho. Bout 20 millionaires in Idaho to support the entire tax burden and no beaches and titties to look at.
They would say "time to move to Cali".

 

[guachi]

not a lie, when commiefornians are supporting keeping the higher taxes.

http://www.sfgate.com/news/article/California-s-temporary-tax-increase-should-be-5928248.php

I didn't realize polls in July had the force of law. California referenda have a tendency to do in popularity all the way to the election.

But, hey, if quoting polls in July as fact in November doesn't count as lying, then how did they dukakis presidency work out?

It's a lie.

 

[michal1980]

I didn't realize polls in July had the force of law. California referenda have a tendency to do in popularity all the way to the election.

But, hey, if quoting polls in July as fact in November doesn't count as lying, then how did they dukakis presidency work out?

It's a lie.

If this tax is as great as you claim, then you shouldn't have any worries about your commiefronians extending it again.

 

[agent00f]

$7B "rainy day" fund...

TX has had such a fund since at least 2007.

Here in TX we have about 1/3 of CA debt per capita and the state has been lowering taxes. Our fund is about twice the size of CA's.

But congrats on your higher taxes and $7B of rainy day funds.

I lived in CA for 3 years. This article below is dead spot on. 2, 3, sometimes 4 families living in 2BR apartments for the working class. Solid middle class incomes is a guarantee of never being able to retire unless you're OK with a 2 hour commute into the major metro areas.

Yeah wonderful state. For the 1%.

The cost of housing is due to high demand from people with money. Seems the logical thing to do is tax them some to alleviate the situation, but logic doesn't speak to dummies.

 

[IBMer]

The cost of housing is due to high demand from people with money. Seems the logical thing to do is tax them some to alleviate the situation, but logic doesn't speak to dummies.

You would think they know this being that Trump has made most of his money off of rising land costs in dense cities

 

[Svnla]

Let see.

Toyota moved its North American head quarter (and several thousands well paying employees) from CA to TX - http://www.bizjournals.com/dallas/blog/2015/12/heres-the-main-reason-toyota-is-moving-from.html

I will put this here - http://www.sfchronicle.com/business...to-Texas-Tax-money-employees-flow-6791524.php

and http://www.csmonitor.com/Business/2016/0507/Why-Jamba-Juice-is-moving-to-Texas

and http://www.bizjournals.com/dallas/b...a-lost-9-000-business-hqs-and-expansions.html


Keep setting up more "santuary/amnesty" cities for ILLEGALS with no skill to compete with your poor will work wonder... NOT!!!

 

[smackababy]

The cost of housing is due to high demand from people with money. Seems the logical thing to do is tax them some to alleviate the situation, but logic doesn't speak to dummies.

Not really. The cost of housing is high due to morons who live there refusing to allow cities to build more housing. It is artificial low supply. I love how we praise a state where it costs $4500 to live in a 2 bedroom apartment near a major city.

 

[senseamp]

You've taxed the wealthy. Now what have you done to get and keep good paying jobs with humane working conditions? I dunno, it might just be me but I'm not of an envious nature. I don't care about the rich because they don't care about me. I do want the opportunity for people to rise based on their merit. No false promises, but a real shot. To me that seems more important, but again that's just me.

California has plenty of good paying jobs with humane working conditions. If you want to rise on your merit, California is the place to do it.

 

[First]

"Taxing the wealthy", aka prop 30, was estimated to bring in $6 billion a year for CA.
For perspective, their 2016 budget is $125 billion.

The economy is inflated right now, when it deflated in 2008 California lost over $15 billion in revenue. It stands to reason that they gained all that back, and more, during the rebound and easy money policies from Wall Street. In fact, to demonstrate how much more additional revenue the market has given California, their 2016 budget is 42% larger than 5 years ago. Sounds like they've gained $35 billion annually. Far more than the tax provided.

I have no doubt the tax helps balance the budget... but based on the numbers we're working with the OP's attribution is more than generous, it's flat out wrong.

Jackalas, I think after quoting an investors.com article I t's tough to take your opinion on CA's budget seriously. The 2012 tax increases on the wealthy was pretty much undeniably successful at closing the budget deficit and stabilizing and growing a rainy day fund here in CA. To what extent is the OP wrong there? And 2008 was a once in a generation recession, the next one is very unlikely to be as severe and won't have nearly the dire effect given tax increases can be passed without a supermajority now after the 2012 prop was passed.

And again, there hasn't been an exodus from CA unless you pretend population growth doesn't count.

 

[First]

Not really. The cost of housing is high due to morons who live there refusing to allow cities to build more housing. It is artificial low supply. I love how we praise a state where it costs $4500 to live in a 2 bedroom apartment near a major city.

Yeah, you don't know shit about CA rentals obviously. I can find a 3-bedroom for under $3,000 in the city of LA. Though you did get one thing right, there are plenty of stupid people that won't let developers build to help alleviate supply issues.

 

[senseamp]

It's true, CA cost of living is high. But... it's high because too many people choose to stay in CA even though it's much cheaper to live somewhere else. It's funny that supposedly "free market" people will bash California as a shitty place, even though the free market is putting a much higher value on living in CA than states adored by the same folks.

 

[shady28]

Yeah, you don't know shit about CA rentals obviously. I can find a 3-bedroom for under $3,000 in the city of LA. Though you did get one thing right, there are plenty of stupid people that won't let developers build to help alleviate supply issues.

So while what you state about being able to find a 3BR in LA city for 3k/month may be technically true, you're the one being very misleading.

Here's one of the lower priced homes in LA per Zillow.

$290,000. 770 sq ft. 5100 sq ft lot. It comes with bars on the windows.

Compare to a similarly price home in Plano TX. Plano is considered a somewhat upscale area. At 298k this house is on .29 acre, almost 2500 sq ft. and has an oversized 2 car garage.

 

[marincounty]

The wealthy are taxed highly in California, it's true. But the rich are not leaving.
http://www.latimes.com/business/la-fi-business-climate-20160102-story.html

For each year since 1976, California's pace of new business creation has been faster than the U.S. rate, and often faster than Texas'.

And an earlier Beacon analysis of census migration data showed that, despite California's comparatively high income tax rates, more people making in excess of $100,000 a year moved to California from other states from 2007 to 2013 than those who left.
Certainly you have the talent here and you have the investor capital, so start-ups are going to blossom here more than the rest of the country," said Allan Zaremberg, president and chief executive of the California Chamber of Commerce. "Once you get beyond that, if you have an IPO, you have to be able to perform. Mature industries are always looking at their costs: Can my employees afford to live here? Can I afford the rent?"
"I interview people all the time who can't wait to move from Michigan or Wisconsin or Iowa," he said. "It's a vibrant place for the high-tech and aerospace industry. The California dream still lives here."

Dubyn said he's aware of the relocation incentives offered by other states such as Texas or Nevada. His company received a package of about $360,000 in sales tax incentives from California this month.

But ultimately, he said, no amount of tax incentives could outweigh the benefits of being close to a dense network of customers, suppliers and potential employees.

 

[First]

So while what you state about being able to find a 3BR in LA city for 3k/month may be technically true, you're the one being very misleading.

Here's one of the lower priced homes in LA per Zillow.

$290,000. 770 sq ft. 5100 sq ft lot. It comes with bars on the windows.

Compare to a similarly price home in Plano TX. Plano is considered a somewhat upscale area. At 298k this house is on .29 acre, almost 2500 sq ft. and has an oversized 2 car garage.

There's nothing "technical" about it:

Also comparing Plano TX to LA is probably not apples to apples. I'm also not sure why we're talking about residential homes all of a sudden. But yes, CA real estate is undeniably more expensive, but the demand for it is the primary reason why, and I'm sure Plano weather ain't exactly comfortable, and I'm not sure how desirable it is to live there otherwise in terms of amenities.

 

[Jaskalas]

Jackalas, I think after quoting an investors.com article I t's tough to take your opinion on CA's budget seriously. The 2012 tax increases on the wealthy was pretty much undeniably successful at closing the budget deficit and stabilizing and growing a rainy day fund here in CA. To what extent is the OP wrong there?

You heap praise on $6 billion, out of a $35 billion increase. Totally ignoring the $29 billion elephant in the room. How many times do you need it explained?

And again, there hasn't been an exodus from CA unless you pretend population growth doesn't count.

You can count illegals all you want, they won't make you rich.