TAX THE RICH: This latest election confirmed that takers are in control. With 1/8th of nation’s population, California has 1/3rd of the welfare recipients. Many voted to increase taxes on the “rich” by $5 billion. The top rate will be the highest in America at 13.5%. Add the impact of Obama’s dream list of taxes and the tax rate exceeds 50%.
How many more of the “rich” will leave? The Manhattan Institute study, “The Great California Exodus: A Closer Look,” by Thomas Gray and Robert Scardamalia (October 2012), states that 225,000 residents leave California each year. This has been the case for the past 10 years.
The rich aren’t stupid; they will find ways to protect their assets and income. These people are going to NV, AZ, TX, OR, and other tax friendly states. This isn’t a single year loss for CA, the loss continues year, after year.