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High wage earners will
see triple tax hit in 2013

North County Times [Escondido, CA], by Christopher Cadelago*

Original Article

Posted By:NorthernDog, 1/6/2013 9:39:43 PM

The federal “fiscal cliff” deal. President Barack Obama’s health care overhaul. Gov. Jerry Brown’s sales and income tax initiative. That triumvirate of tax increases is kicking in for the state’s highest earners. Beginning this year — and in some cases retroactive to last — the wealthiest among us will see a greater share of their compensation captured not only by the federal government as a means of averting the fiscal cliff and funding health care reform but also as an antidote to the state’s long-running budget morass. “The increase in an already-high tax rate is a strong disincentive

Comments:
* w/ Paul Sisson.

End result will be less revenue, not more, as earners flee to friendlier locales.

      


Post Reply  

Reply 1 - Posted by: Safari Man, 1/6/2013 9:51:03 PM     (No. 9102266)

I personally know numerous internet startup millionaires who vote dimocrat all the time and are rabidly anti republican. I enjoy the thought of their getting hit extra hard.

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Reply 2 - Posted by: Beca, 1/6/2013 9:52:28 PM     (No. 9102267)

Eventually these people are going to get ANGRY. Won´t that be interesting

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R-VAR_AD


 
Reply 3 - Posted by: killerbee, 1/6/2013 10:21:46 PM     (No. 9102285)

No, it won´t be just the high wage earners who get hit. It will be the middle and working class that get hit the hardest.


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Reply 4 - Posted by: bob913, 1/6/2013 10:28:34 PM     (No. 9102288)

They have their money in offshore accounts like google and facebook etc do.

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Reply 5 - Posted by: lotsamojo, 1/6/2013 10:30:03 PM     (No. 9102289)

This triple whammy will see a fair amount of high earners(doers) leave to states directly east of the Golden State - Gov. Moonbeam will again act surprised that tax revenues are not meeting projections and will promptly enact other types of taxes/fees to make up for his intented mistakes!

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Reply 6 - Posted by: LanieLou, 1/7/2013 12:35:43 AM     (No. 9102418)

Note to Texas = 64,000 millionaires, seeking new homes!

Love the academia tries to justify tax level by using an 80 yr equation... and
comparitive to the EU nations.... Well, Russia´s flat tax is what... 15% ?

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Reply 7 - Posted by: Trigger2, 1/7/2013 6:36:54 AM     (No. 9102596)

The stampede from CA is going to be something to behold. Next up: A stampede to get out of the U.S.

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Reply 8 - Posted by: rockymtnhigh, 1/7/2013 10:43:52 AM     (No. 9103056)

Unfortunately, those leaving California are taking their liberal ways to other states.

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