“The problem with socialism is that eventually you run out of other people’s money.”
It would seem that Califailure’s Governor Moonbean didn’t get that memo, and is taking a page out of Obama’s class warfare book. While the taxes have gone up, the number of people capable of paying them have gone down. For more, here is an excerpt from The Sacramento Bee…
But the number of Californians with $500,000-plus annual incomes declined dramatically from 2007 to 2009 as the state’s economy stagnated, leaving fewer to tax, the California Taxpayers Association points out in a compilation of data from the Franchise Tax Board.
The latest FTB statistical report covers the 2009 tax year, and Cal-Tax points out that it listed just 98,610 California tax returns with adjusted gross income of $500,000 or more, down nearly a third from the 146,221 in 2007. Data for 2010 are not yet available.
Those 98,610 tax returns were just over a half-percent of the 14.6 million returns filed for 2009, but they accounted for 18.8 percent of the taxable income and 32 percent of the income taxes paid that year.
The article does state that while the loss of income is likely due to loss of income, rather than people leaving, there isn’t evidence to prove it either way.
Califailure has run out of other people’s money, but they aren’t going to let something like reality stop them.