Wealthy people are still letting themselves be taxed into submission in California. I know, I’m surprised too. The beaches have wealthy idiots entranced like Svengali. And, of course, the state has to run off of someone’s dollar bills. That bullet train ain’t gonna fund itself!
Looks like the sandy shores might not even be enough to keep high earners hostage. Apparently with the new tax changes (see California Democrats: Trump Cut Business Taxes? We’ll RAISE THEM!), Democrats are biting their nails that high taxes “might” drive the wealthy away. Like a spillage of Dawn scatters feminists. As if it hasn’t been doing so for years already.
The Republican-backed federal tax bill flipped the tables on a never-ending question for California politicians: Will high taxes lead the state’s wealthiest residents to flee the Golden State for the comparable tax havens of Florida, Nevada and Texas?
Republicans reliably raise that alarm when Democrats advocate for tax increases, like the 2012 and 2016 ballot initiatives that levied a new income tax on very high-earning residents.
But now, with the federal tax bill cutting off deductions that benefited well-off Californians, the state’s Democrats suddenly are singing the GOP song about a potential millionaire exodus.
“People with higher incomes pay a lot more money, and some of them may be tempted to leave,” Gov. Jerry Brown said when he unveiled his 2018-19 budget proposal last week. “This was an assault by the Republicans in Congress against California.”
Firstly, Californians pay more in state taxes (income, sales, etc) than Jim Acosta pays his shrink after so many public spankings. So to blame the exodus of California’s wealthy on the GOP is richer than Tess Holliday’s first breakfast.
Of course ole Jerry is scared. One percenters pay practically half of all California’s income taxes. If those cash cows flee, the state won’t be able to feast on the teat of the wealthy anymore. Oink oink.
Yes, we realize many Californians have long fled their home state in favor of lower taxes and cost of living elsewhere. Up until now, Democrats didn’t give a flying cow pie (see California Senate Flips Bird to Taxpayers. Passes Single-Payer Healthcare Bill). The previous federal tax law allowed Jerry Brown and his wrinkles to overtax his sacred golden goose. Without the federal deductions, there’s no reprieve from California’s money-hungry clutches.
Hopefully the state’s top earners will relocate themselves to a place where they’re able to keep more of their money in their own pockets. Let California try to support its own socialist ways and see how that goes. Have fun sinking into the ocean!