If U.S. hikes taxes, high-income Californians might pay almost 52 percent

posted at 9:21 pm on December 5, 2012 by Erika Johnsen

Whether it’s because we end up going over the fiscal cliff or because Republicans agree to President Obama’s plan of not extending the Bush tax cuts on America’s wealthiest earners, the possibility of an effective tax hike means that higher-income Californians may be in for a whopping aggregate marginal tax rate. The super-liberal state already succeeded in approving their own rate hike with Proposition 30 in the November election, and combined with the potential federal raises, they could be looking at a top bracket with a marginal income tax rate of just under 52 percent:

Gerald Prante, an economics professor at Lynchburg College in Virginia, and Austin John, a Lynchburg economics student, calculated marginal tax rates — the highest rates on the highest levels of income — for all 50 states. They combined state, federal and, where applicable, local income taxes, plus payroll taxes for Social Security and Medicare and included the deductibility of some taxes.

Proposition 30 added three percentage points to the marginal state income tax rate for California’s highest-income taxpayers, bringing it to 13.3 percent. That action raised California over other high-tax jurisdictions to a marginal rate of 51.9 percent, slightly higher than New York City’s level. Hawaii was the only other place with a calculated rate above 50 percent.

…Ouch. We already knew that California was headed for a fall, but here’s yet another problem with top-down government and specifically with President Obama’s proposals to hike taxes across-the-board on those he deems wealthy, i.e. families making more than $250k/year. As Joel Kotkin writes for Forbes, it’s kind of odd that blue states voted so overwhelmingly against their own self-interest in reelecting Barack Obama, because the tax hikes he campaigned on will come down disproportionately hard on the economies of blue states. The demographics and costs of living in different geographic regions suggests that being rich means very different things to different regions:

Any move to raise taxes on the rich — defined as households making over $250,000 annually — strikes directly at the economies of these states, which depend heavily on the earnings of high-income professionals, entrepreneurs and technical workers. In fact, when you examine which states, and metropolitan areas, have the highest concentrations of such people, it turns out they are overwhelmingly located in the bluest states and regions. …

The people whose wallets will be drained in the new war on “the rich” are high-earning, but hardly plutocratic professionals like engineers, doctors, lawyers, small business owners and the like. …

What would a big tax increase on the “rich” mean to the poor and working classes in these areas? To be sure, they may gain via taxpayer-funded transfer payments, but it’s doubtful that higher taxes will make their prospects for escaping poverty much brighter. For the most part, the economies of the key blue regions are very dependent on the earnings of the mass affluent class, and their spending is critical to overall growth. Singling out the affluent may also reduce the discretionary spending that drives employment in the personal services sector, retail and in such key fields as construction.


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slaves

tom daschle concerned on December 5, 2012 at 9:27 PM

Time to retire..

Electrongod on December 5, 2012 at 9:28 PM

We just had a serious discussion today about moving our company out of CA and to TX because of taxes (prop 30 in particular).

besser tot als rot on December 5, 2012 at 9:29 PM

If U.S. hikes taxes, high-income Californians might pay almost 52 percent

And that still won’t be enough.

Galt2009 on December 5, 2012 at 9:29 PM

Choke on it Hollywood.

JPeterman on December 5, 2012 at 9:29 PM

slaves

tom daschle concerned on December 5, 2012 at 9:27 PM

The only people in our nation that are not slaves are the retired and other government dependent classes. The rest of us are slaves to those people.

astonerii on December 5, 2012 at 9:30 PM

Okay, changed my mind. Deal!!

Cindy Munford on December 5, 2012 at 9:30 PM

World tiniest violin for most of them. They voted for Barky and the retread both, so they can eat it.

As for those few of you trying to make a living in that state despite the stupidity of your fellows… well… might as well cut your losses and move it all to Texas sooner rather than later. Isn’t going to get any better.

Gingotts on December 5, 2012 at 9:30 PM

Great. That means more rich liberal commie pinkos form California and New York will be moving down here to Florida.

Curtiss on December 5, 2012 at 9:31 PM

In Hollywood 92% seems about right. Starting with Michael Moore.

vityas on December 5, 2012 at 9:32 PM

Choke on it Hollywood.

JPeterman on December 5, 2012 at 9:29 PM

Actually, if they were true to their word, they would send in the rest voluntarily.

But as everyone knows, Hollywood hates minorities and children and they don’t do that.

Galt2009 on December 5, 2012 at 9:33 PM

Fare thee well, the late great state of California.

From promised land, to the land of unkept promises, in the bl;ink of an eye.

From a can do pioneering and innovative spirit to a spiritless rabble in a generation.

From a land where nothing was impossible to a desolate land where nothing is possible…in just a few short decades.

From a destination where droves flocked….to a destitution people cannot get away from fast enough, in my lifetime.

Memo to the progressives: When you run out of other peoples’ money to spend…this is what you get.

And you want to leave this kind of crap to your kids and grand kids? Not just in California but all across this land? What kind of sick muthers are you, anyway?

coldwarrior on December 5, 2012 at 9:33 PM

F the Californians, they chose poorly.

john1schn on December 5, 2012 at 9:34 PM

Whether it’s because we end up going over the fiscal cliff or because When Republicans agree to President Obama’s plan of not extending the Bush tax cuts on America’s wealthiest earners, the possibility of an effective tax hike means that higher-income Californians may be in for a whopping aggregate marginal tax rate.

FIFY

xblade on December 5, 2012 at 9:34 PM

To Calculate your Increase in Fiscal Cliff Taxation??!!

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Americans will see a steep jump in their tax bills starting in January 2013 unless lawmakers reach an agreement to soften the impact of expiring tax breaks — known as the “fiscal cliff” — by the end of 2012. But just how much of an impact will that be?

Based on an analysis of tax rates by the Tax Policy Center, this calculator computes a combined bill for federal income and Social Security taxes. Type your income, select your exemptions and filing status and hit “calculate” for an estimate of your tax bill under current rates, and rates as they would rise in 2013.
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http://www.creditcards.com/credit-card-news/fiscal_cliff-calculator-1701.php

canopfor on December 5, 2012 at 5:54 AM

canopfor on December 5, 2012 at 9:35 PM

Choke on it Hollywood.

JPeterman on December 5, 2012 at 9:29 PM

not to worry…they’ll have some kind of ‘rider’ on the bill that will exempt ‘entertainment”…or something.
(I think Barbara Striesland had a special provision written for her in a tax bill once… during BJ’s years.)

KOOLAID2 on December 5, 2012 at 9:35 PM

Who cares? Screw’em. These leftists want a social welfare state they should start paying for it. They voted themselves a juicy tax increase on Nov. 6th as well as Obama.

Let them have it all.

jawkneemusic on December 5, 2012 at 9:35 PM

That’s what they voted for.

High speed rail–that’s what they need. That’ll fix their problems.

juliesa on December 5, 2012 at 9:36 PM

So how many states will Bronco Bama be bailing out now?

Curtiss on December 5, 2012 at 9:37 PM

…but only if they are really, really stupid.

Jaibones on December 5, 2012 at 9:37 PM

ObamaVille Box houses can be kept dry under the Solyndra solar panels..

Electrongod on December 5, 2012 at 9:38 PM

it’s kind of odd that blue states voted so overwhelmingly against their own self-interest in reelecting Barack Obama, because the tax hikes he campaigned on will come down disproportionately hard on the economies of blue states.

Obama Voters.

That’s all you have to say.

Galt2009 on December 5, 2012 at 9:38 PM

…but only if they are really, really stupid.

Jaibones on December 5, 2012 at 9:37 PM

Didn’t I just say that?

Galt2009 on December 5, 2012 at 9:39 PM

Of course this will accelerate California’s implosion. Producers will leave the state in larger numbers to avoid punitive tax rates. Governor Brown and that clown car called the Californian legislature will respond by raising taxes even further to try and make up for ever growing budget shortfalls. More producers will leave California with every tax hike. More taxes will be raised in California…etc., etc., etc.

NotCoach on December 5, 2012 at 9:39 PM

canopfor on December 5, 2012 at 9:35 PM

For some reason they think that the most kids you can have is 4.

besser tot als rot on December 5, 2012 at 9:40 PM

NotCoach on December 5, 2012 at 9:39 PM

Not to worry, they will sell the rights to low taxation to special interest companies to start up there. Passing the burden of funding the government onto the middle classes.

astonerii on December 5, 2012 at 9:41 PM

OT/ Michelle Malkin is on Hannity right now…gawd I love her!

KOOLAID2 on December 5, 2012 at 9:41 PM

California is like a haunted house. Don’t f**k around. Just get out. Save yourself.

Dongemaharu on December 5, 2012 at 9:41 PM

If U.S. hikes taxes, high-income Californians might pay almost 52 percent

Californians buying guns at record rate

As of November, the FBI has run 981,798 background checks related to guns in California for 2012, already beating out totals for other years.
http://www.ocregister.com/news/gun-379702-year-guns.html

Connection?

Galt2009 on December 5, 2012 at 9:41 PM

Excellent news if all those damn hypocrite limousine liberals in California would be paying that much… However they have their army of lawyers to help them pay much less than that… The people who will be stuck with this disaster of paying 52% are small to medium business owners and as a result they and the middle class will suffer…

mnjg on December 5, 2012 at 9:43 PM

Of course this will accelerate California’s implosion. Producers will leave the state in larger numbers to avoid punitive tax rates. Governor Brown and that clown car called the Californian legislature will respond by raising taxes even further to try and make up for ever growing budget shortfalls. More producers will leave California with every tax hike. More taxes will be raised in California…etc., etc., etc.

NotCoach on December 5, 2012 at 9:39 PM

It’s like watching a black hole collapse in on itself.

Maybe Cali will serve as a warning to the rest of US..

Galt2009 on December 5, 2012 at 9:44 PM

Bwahahahahahahaha!

Oh, this is sweet.

Bwhahahahahahahahahahahaha!

Hill60 on December 5, 2012 at 9:45 PM

Choke on it Hollywood.

JPeterman on December 5, 2012 at 9:29 PM

They won’t, unfortunately. They are all on 1099s: all those houses, meals, cars, hookers, drugs, etc. are paid for by you and me. They are called living and entertainment expenses.

riddick on December 5, 2012 at 9:46 PM

Gotta love all the links to the TAGS at SacBee.com — but no link to the actual article so I can read the whole thing — and get the whole context and all the info instead of what HotAir.com just wants me to see and interpret.

HotAir.com — Guaranteed Soft & SquishyOr Your Money Back

FlatFoot on December 5, 2012 at 9:46 PM

Except that there will be an exodus of Californians to Red States to escape this.

Once they settle in Red States, they will vote for the same damn Democrats that put California in this mess, because it’s “intellectual” to do so.

sentinelrules on December 5, 2012 at 9:47 PM

Best analogy of CA I’ve heard, “WAS like a 20 year old hot blonde with a perfect body and great tan who’s NOW 60 with bad skin, fat hips, over-bleached hair and still trying to wear a bikini”.

Tater Salad on December 5, 2012 at 9:47 PM

*yawn*

Axe on December 5, 2012 at 9:47 PM

Hahahahahahaha. That’s just income taxes ladies and gents.

7.5% to 10% sales tax (depending on city/county), 1% property taxes (our new republican proof legislature is planning to raise) plus bond measures, 1% forest product tax, fuel taxes, passed down carbon credit fees, and on, and on.

antipc on December 5, 2012 at 9:48 PM

44 solid dark blue electoral votes.

You wanted it, you got it, so no whining.

Bishop on December 5, 2012 at 9:49 PM

Except that there will be an exodus of Californians to Red States to escape this.

Once they settle in Red States, they will vote for the same damn Democrats that put California in this mess, because it’s “intellectual” to do so.

sentinelrules on December 5, 2012 at 9:47 PM

Not necessarily so, it tends to be the consevatives who leave, creating the disparity between red and blue.

Tater Salad on December 5, 2012 at 9:49 PM

At some point, soon, ya think el gobernador Moonbeam will consider asking Mexico if they want it back??

coldwarrior on December 5, 2012 at 9:49 PM

Pack up, move out, and head to Texas. :-)

Punchenko on December 5, 2012 at 9:49 PM

Next step: Banning people from moving out of California, and retroactive taxes on people who have left the state. Communism baby!

bitsy on December 5, 2012 at 9:50 PM

Little Bro and his wife have a couple of businesses in CA and they live there. He tells me that their accountant says that between property, sales, federal & state income taxes that he and his wife will be approaching 65% tax of income over $250k.

May have to take a loss, but the house is on the market.

WestTexasBirdDog on December 5, 2012 at 9:51 PM

“On second thought we don’t want it, you keep it.”

-La Raza

Bishop on December 5, 2012 at 9:51 PM

Except that there will be an exodus of Californians to Red States to escape this.

Once they settle in Red States, they will vote for the same damn Democrats that put California in this mess, because it’s “intellectual” to do so.

sentinelrules on December 5, 2012 at 9:47 PM

Already happening. Just take a look at CO and NV, which used to solid conservative states. NV real estate is red hot right, houses are selling like jot cakes to, you guessed it, CA expats. Californians are buying just looking at MLS pictures and without actually seeing the property, its that bad.

riddick on December 5, 2012 at 9:51 PM

Mission accomplished…

… but I can never figure out why people would leave one Country for a better opportunity for their families, then vote to turn the new Country into the one they just left.

Oh, that’s right, they were told that only the “rich” would pay the new taxes…

… just like in the old Country.

Seven Percent Solution on December 5, 2012 at 9:51 PM

Except that there will be an exodus of Californians to Red States to escape this.

Once they settle in Red States, they will vote for the same damn Democrats that put California in this mess, because it’s “intellectual” to do so.

sentinelrules on December 5, 2012 at 9:47 PM

Not necessarily so, it tends to be the consevatives who leave, creating the disparity between red and blue.

Tater Salad on December 5, 2012 at 9:49 PM

Not necessarily. First off, someone who is conservative by California standards is probably pretty liberal by Texas standards, and plenty of good ol’ California liberals move here and still have no clue why they couldnt find a job to pay the bills and the cost of living was so expensive in California.

bitsy on December 5, 2012 at 9:53 PM

While the kindergarten on both sides of the isle continues, the ME is about to really go hot.

Maybe this will wake a few up.

Schadenfreude on December 5, 2012 at 9:53 PM

Next step: Banning people from moving out of California, and retroactive taxes on people who have left the state. Communism baby!

bitsy on December 5, 2012 at 9:50 PM

Already happening. We moved out this past January, guess what State Board of Equilization did to me. They lost in the end owning me even more, but it cost me a good chunk of money nevertheless.

riddick on December 5, 2012 at 9:54 PM

Burn, baby, burn, I hope the whole place goes to #h!t, I live in Texas and would like to by a vacation house in Carmel

Tater Salad on December 5, 2012 at 9:54 PM

Own it, donks. You voted for it. Barky’s coming for your dough one way or another.

Philly on December 5, 2012 at 9:54 PM

Once they settle in Red States, they will vote for the same damn Democrats that put California in this mess, because it’s “intellectual” to do so.

sentinelrules on December 5, 2012 at 9:47 PM

Make sure your state has no automatic union dues deduction and is right to work and you’ll be able to avoid most of the problems CA faces.

besser tot als rot on December 5, 2012 at 9:54 PM

canopfor on December 5, 2012 at 9:35 PM

For some reason they think that the most kids you can have is 4.

besser tot als rot on December 5, 2012 at 9:40 PM

besser tot als rot:

D*mmitt,and I stopped at three,er,in Canada that is!:)
(sarc).

canopfor on December 5, 2012 at 9:55 PM

Next step: Banning people from moving out of California, and retroactive taxes on people who have left the state. Communism baby!

bitsy on December 5, 2012 at 9:50 PM

Not such big stretch. They tried to get my earnings for two years after I left.

astonerii on December 5, 2012 at 9:56 PM

OT/ Michelle Malkin is on Hannity right now…gawd I love her!

KOOLAID2 on December 5, 2012 at 9:41 PM

I think it would be cool if Cindy Munford went on Hannity.

SparkPlug on December 5, 2012 at 9:56 PM

O.K. thats almost 52 % with state and federal taxes ….what happens when you add in county and city taxes….55 % ….57 % ….if so you think that will be enough for liberals

Aggie95 on December 5, 2012 at 9:56 PM

A run on U-Haul vans headed for Texas.

Philly on December 5, 2012 at 9:56 PM

Let’s take away the deductibility of state income taxes on your federal income taxes, so we don’t all end up paying for Proposition 30.

slickwillie2001 on December 5, 2012 at 9:56 PM

I’m glad the liberals love taxes. Pay up, suckas.

Philly on December 5, 2012 at 9:57 PM

Just to point out how f-ed up prop 30 is: it passed Nov 2012, but is retroactive to Jan 2012.

besser tot als rot on December 5, 2012 at 9:58 PM

and they’ll still be colored blue on the electoral maps in the next presidential election…

Dr. ZhivBlago on December 5, 2012 at 9:58 PM

Listen to Rush sometime ….whats it been 3 years since he left New York and every year they investigate him to make sure he spends the right amount of time in Fla to avoid paying New York State times

Aggie95 on December 5, 2012 at 9:58 PM

Next step: Banning people from moving out of California, and retroactive taxes on people who have left the state. Communism baby!

bitsy on December 5, 2012 at 9:50 PM

Already happening. We moved out this past January, guess what State Board of Equilization did to me. They lost in the end owning me even more, but it cost me a good chunk of money nevertheless.

riddick on December 5, 2012 at 9:54 PM

I’m also good to go with California levying taxes on CA state pensions at the source, so those teachers with the $100K pensions can’t retire in Florida and escape the pain.

slickwillie2001 on December 5, 2012 at 9:59 PM

taxes sorry

Aggie95 on December 5, 2012 at 9:59 PM

A real cliff, while Obama fiddles.

Schadenfreude on December 5, 2012 at 9:59 PM

Not such big stretch. They tried to get my earnings for two years after I left.

astonerii on December 5, 2012 at 9:56 PM

I knew mine was not an isolated case. The idiots decided to go after me for years 2003 and 2005 for some reason, in the end it was proven they actually owed me greater returns for those years. Guess what? They cited “statue of limitations” for me to get the money back. In the end, I spent money on an accountant and was not able to collect what they really owed to me. So, a loss for me, financially.

riddick on December 5, 2012 at 9:59 PM

Best analogy of CA HotAir.com I’ve heard, “WAS like a 20 year old hot blonde with a perfect body and great tan who’s NOW 60 with bad skin, fat hips, over-bleached hair and still trying to wear a bikini”.

Tater Salad on December 5, 2012 at 9:47 PM

Great analogy. I agree. Totally.

FlatFoot on December 5, 2012 at 9:59 PM

To my liberal BIL in San Diego just laid off from his job, I guess you did luck out. No income, no income taxes.

The liberal in Califoirnia wanted this. Our Conservative brothers and sisters there need to move to Texas and NC.

hawkdriver on December 5, 2012 at 10:00 PM

I think it would be cool if Cindy Munford went on Hannity.

SparkPlug on December 5, 2012 at 9:56 PM

(:->)

KOOLAID2 on December 5, 2012 at 10:01 PM

Tater Salad on December 5, 2012 at 9:47 PM

Great analogy. I agree. Totally.

FlatFoot on December 5, 2012 at 9:59 PM

Oh quite. If not for your comments there’s be no need in coming here at all.

hawkdriver on December 5, 2012 at 10:01 PM

A real cliff, while Obama fiddles.

Schadenfreude on December 5, 2012 at 9:59 PM

I am not sure I am seeing a “cliff” there. Anything that destroys more Al Qaeda idiots along with other islamists is a good day in my book.

Let Turkey and Kurds deal with it.

riddick on December 5, 2012 at 10:02 PM

Kalifornia started all of this, they should be the first to feel it. 80% of the people that will be smacked by this voted for it.

Karma.

jukin3 on December 5, 2012 at 10:03 PM

Already happening. Just take a look at CO and NV, which used to solid conservative states. NV real estate is red hot right, houses are selling like jot cakes to, you guessed it, CA expats. Californians are buying just looking at MLS pictures and without actually seeing the property, its that bad.

riddick on December 5, 2012 at 9:51 PM

Happens all over the country. There’s a reason why North Carolina, Virginia and Florida are no longer solid Republican states.

I knew this woman who lives in New Hampshire, moved there from Massachusetts. She said she moved because Massachusetts had too high of taxes and she had to move to someplace cheaper.

I asked her who is she voting for. Her answer:

“Oh no, I vote Democrat because they’re for the poor.”

You can’t reason with these things.

sentinelrules on December 5, 2012 at 10:06 PM

Best analogy of CA I’ve heard, “WAS like a 20 year old hot blonde with a perfect body and great tan who’s NOW 60 with bad skin, fat hips, over-bleached hair and still trying to wear a bikini”.

Tater Salad on December 5, 2012 at 9:47 PM

Dude…!

Seven Percent Solution on December 5, 2012 at 10:06 PM

Plus over 10% sales tax and 1.2% property tax, plus highest gas tax around, and all sorts of extra tax goodies.

LASue on December 5, 2012 at 10:08 PM

Tater Salad on December 5, 2012 at 9:47 PM FlatFoot on December 5, 2012 at 9:59 PM

So you just come here to b!tch? Talk about old women……

If you have a legitimate complaint, like wanting to see and read the article, why don’t you email Erika so she can either add it to the story or explain to you why it isn’t there?

Cindy Munford on December 5, 2012 at 10:09 PM

TEATERFornia!!!!

America watch and learn the Golden state is our future.

PappyD61 on December 5, 2012 at 10:09 PM

there’d be …

hawkdriver on December 5, 2012 at 10:10 PM

While the kindergarten on both sides of the isle continues, the ME is about to really go hot.

Maybe this will wake a few up.

Schadenfreude on December 5, 2012 at 9:53 PM

You think those bombs have Saddam Hussein’s name on them? Oh, I forgot. Liberals will just claim that was painted on after he was hung.

txhsmom on December 5, 2012 at 10:11 PM

Burn, baby, burn. Well, you moonbat Californians should call chicken-butt Harry Reid’s office and tell him to support the vote on Barky’s plan ASAP. He ran away crying like a little girl today when the GOP put it up on the floor.

Philly on December 5, 2012 at 10:14 PM

Dude…!

Seven Percent Solution on December 5, 2012 at 10:06 PM

HotAir, my favorite place to come when I need to take off a few pounds.

I was trying to eat my steak, dude!

JPeterman on December 5, 2012 at 10:14 PM

sentinelrules on December 5, 2012 at 10:06 PM

Oh, I know. We are renting here in Vegas, were not sure how the market is going to go and wanted to see the area better after we moved out of CA this past January. On Saturday (last weekend) got an email the house was sold. The buyer, from CA, showed up on Monday to “take a look at the house”. Bought the place unseen. When I asked him why, he said “CA is expensive to live in “. I replied that expense of living is not the only issue there and his facial expression said to me that he is fine with everything else (unions, crime, communist policies, etc.).

So, one more liberal is moving to NV. We are already examining our options, good thing we did not buy and rented so far. Will take a few trips to Phoenix area early next year, TX is out, unfortunately, due to humidity. As was FL after we lived there for 2 months.

riddick on December 5, 2012 at 10:15 PM

Best analogy of CA HotAir.com I’ve heard, “WAS like a 20 year old hot blonde with a perfect body and great tan who’s NOW 60 with bad skin, fat hips, over-bleached hair and still trying to wear a bikini”.

Tater Salad on December 5, 2012 at 9:47 PM

Tater Salad:

Since were on a California subject,will that be a Plastic bag,or
Environmentally Friendly Paper bag……..(snark).
{Ladies…please forgive my knunckle-dragging}

canopfor on December 5, 2012 at 10:15 PM

Rich liberals don’t pay taxes. Just ask John Kerry, the Kennedys and Charlie Rangel.

GarandFan on December 5, 2012 at 10:15 PM

You can download the paper from Instapundit, which links to the legal blog.

LASue on December 5, 2012 at 10:18 PM

Rich liberals don’t pay taxes. Just ask John Kerry, the Kennedys and Charlie Rangel.

GarandFan on December 5, 2012 at 10:15 PM

What about Buffet? The guy who is all for higher taxes on the rich and yet refuses to pay IRS roughly a BILLION he owes on his business empire.

Had it not been for Azzhole in WH, do you think Buffet would have been collected on by now?

How about all the high tech industry that keeps 80% of their cash reserves outside of USA? And I am sure most of their personal holdings as well.

riddick on December 5, 2012 at 10:19 PM

Gotta love all the links to the TAGS at SacBee.com — but no link to the actual article so I can read the whole thing — and get the whole context and all the info instead of what HotAir.com just wants me to see and interpret.

HotAir.com — Guaranteed Soft & Squishy™ Or Your Money Back

FlatFoot on December 5, 2012 at 9:46 PM

It seems you have a problem with simple math:

If Federal taxes on those making over $ 200,000 increase to 39.5% and add to that 13.5% California tax then these folks would pay 53% of their income in taxes…

mnjg on December 5, 2012 at 10:19 PM

How about all the high tech industry that keeps 80% of their cash reserves outside of USA? And I am sure most of their personal holdings as well.

riddick on December 5, 2012 at 10:19 PM

And using slave labor in China to assemble their gadgets…

mnjg on December 5, 2012 at 10:20 PM

It will be worse than that. If the “high” income tax rate passes then it is 39.6% federal + 3.8% high income Otaxacare surcharge + 0.9% high income Otaxacare medicare surcharge + 13.6% California Taxes. That is 57.9% and then you get to add in property taxes, sales taxes and all their silly fees.

chemman on December 5, 2012 at 10:21 PM

As everyone probably knows, $250,000 for a family of 4 or 5 is FAR from rich in California. Especially since most public schools are shit, so private school tuition is a necessity for any.

LASue on December 5, 2012 at 10:21 PM

How about all the high tech industry that keeps 80% of their cash reserves outside of USA? And I am sure most of their personal holdings as well.

riddick on December 5, 2012 at 10:19 PM

And using slave labor in China to assemble their gadgets…

mnjg on December 5, 2012 at 10:20 PM

Um, who cares?
Chinese labor is not slave labor, they are paid, and most are grateful for the jobs. The alternative choice for them likely is starving and eventual early death.
Companies do not have to be loyal to countries. If you want company money in the USA you should get rid of the taxes on it. 0% corporate tax. The customers are who pays the taxes you know?

astonerii on December 5, 2012 at 10:23 PM

I knew this woman who lives in New Hampshire, moved there from Massachusetts. She said she moved because Massachusetts had too high of taxes and she had to move to someplace cheaper.

I asked her who is she voting for. Her answer:

“Oh no, I vote Democrat because they’re for the poor.”

You can’t reason with these things.

sentinelrules on December 5, 2012 at 10:06 PM

Liberalism is a mental disorder and the woman you talked about is a typical case of this mental disorder…

mnjg on December 5, 2012 at 10:23 PM

It will be worse than that. If the “high” income tax rate passes then it is 39.6% federal + 3.8% high income Otaxacare surcharge + 0.9% high income Otaxacare medicare surcharge + 13.6% California Taxes. That is 57.9% and then you get to add in property taxes, sales taxes and all their silly fees.

chemman on December 5, 2012 at 10:21 PM

You are right… I forgot to add the Obamacare taxes…

mnjg on December 5, 2012 at 10:24 PM

this is a little o/t…but it is nice to see that since barry is re-elected the nyt can now tall parts of the truth

The administration has never determined where all of the weapons, paid for by Qatar and the United Arab Emirates, went inside Libya, officials said. Qatar is believed to have shipped by air and sea small arms, including machine guns, automatic rifles, and ammunition, for which it has demanded reimbursement from Libya’s new government. Some of the arms since have been moved from Libya to militants with ties to Al Qaeda in Mali, where radical jihadi factions have imposed Shariah law in the northern part of the country, the former Defense Department official said. Others have gone to Syria, according to several American and foreign officials and arms traders.

natch barry didn’t direct this of course…in fact barry got ‘mad’ at Qatar for doing stuff without telling letting him know exactly where the weapons went.

gun running seems to be a theme, doesn’t it.

http://www.nytimes.com/2012/12/06/world/africa/weapons-sent-to-libyan-rebels-with-us-approval-fell-into-islamist-hands.html?pagewanted=all&_r=0

r keller on December 5, 2012 at 10:25 PM

******************** ALERT **********************

OnGoing Story for Two Days….

More: Syrian military has loaded the precursor chemicals for sarin, deadly nerve gas, into aerial bombs, US officials tell @NBCNews

2 hours ago from worldnews.nbcnews.com by editor
====================================================

Syria loads chemical weapons into bombs; military awaits Assad’s order

http://worldnews.nbcnews.com/_news/2012/12/05/15706380-syria-loads-chemical-weapons-into-bombs-military-awaits-assads-order?lite?ocid=twitter

canopfor on December 5, 2012 at 10:28 PM

Kalifornia. A terrible place that deserves to wallow in its’ own misery and destruction.

Good riddance.

Myron Falwell on December 5, 2012 at 10:28 PM

http://www.nytimes.com/2012/12/06/world/africa/weapons-sent-to-libyan-rebels-with-us-approval-fell-into-islamist-hands.html?pagewanted=all&_r=0

r keller on December 5, 2012 at 10:25 PM

For all practical purposes is there any other kinds of hands in the middle east.

chemman on December 5, 2012 at 10:28 PM

If you want company money in the USA you should get rid of the taxes on it. 0% corporate tax. The customers are who pays the taxes you know?

astonerii on December 5, 2012 at 10:23 PM

You keep repeating same BS Hannety and others do. You just contradicted yourself above, do you realize that? There is something called “corporate tax”. I run a business, and yes, I collect SALES TAX on product sold and then pass it along to the state. I then PAY CORPORATE TAX on any earnings the business makes. Both state and fed, in various forms. In CA, for example, you pay at least $800 per year whether your business makes money or not.

Stop repeating dimwit Hannety’s BS.

riddick on December 5, 2012 at 10:32 PM

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