It was only a matter of time before Assembly Democrats proposed fixing California’s budget woes by increasing taxes on the state’s highest income earners. But it is always interesting to see how they try to put an new spin on the same old failed rhetoric.
Tax the Rich!
The Sacramento Bee is reporting:
So for the first time in years, legislative Democrats are unified in flatly calling for tax increases to help balance the budget.
Specifically, Núñez said, they want to restore two top income tax brackets.
The highest earners now pay a 9.3 percent state income tax. Under the Democrats’ plan, married couples earning from about $285,000 to about $570,000 would pay 10 percent, while those who make more than that would pay 11 percent.
Now keep in mind, this is on top of the 1% tax levied on the rich to pay for mental health. And don’t forget about the 1% tax that Meathead Rob Riener is pushing to pay for universal preschool. Are you starting to see the pattern?
Democrats don’t want to live within their means. And they know that the average taxpayer isn’t willing to pay more to cover their spending spree. So as usual they go after their favorite ATM machine…The Rich.
Unfortunately though, there is noting more portable than a rich man and his money. And as we continue to increase taxes on high income earners to pay for government programs, they will eventually leave.
For example, when Tiger Woods signed his $90 million deal several years ago he went from being a legal resident of California to being a legal resident of Florida. This move saved him about $4 million a year.
I am not saying that this one proposal will cause a mass exodus by the rich. But this “Tax the Rich” mindset will. One percent here and one percent there will eventually add up. And as it does, those whom we are targeting to pay for all these new programs will get tired of being soaked.
Then guess who will be left holding the Bag?
Visit The Home of Uncommon Sense…