Posted on 02/28/2019 8:08:43 AM PST by Rummyfan
Californians brag that their state is the world’s fifth-largest economy. They talk as reverentially of Silicon Valley companies Apple, Facebook and Google as the ancient Greeks did of their Olympian gods.
Hollywood and universities such as Caltech, Stanford and Berkeley are cited as permanent proof of the intellectual, aesthetic and technological dominance of West Coast culture.
Californians also see their progressive, one-party state as a neo-socialist model for a nation moving hard to the left.
But how long will they retain such confidence?
California’s 40 million residents depend on less than 1 percent of the state’s taxpayers to pay nearly half of the state income tax, which for California’s highest tier of earners tops out at the nation’s highest rate of 13.3 percent.
In other words, California cannot afford to lose even a few thousand of its wealthiest individual taxpayers. But a new federal tax law now caps deductions for state and local taxes at $10,000—a radical change that promises to cost many high-earning taxpayers tens of thousands of dollars.
If even a few thousand of the state’s 1 percent flee to nearby no-tax states such as Nevada or Texas, California could face a devastating shortfall in annual income.
During the 2011-16 California drought, politicians and experts claimed that global warming had permanently altered the climate, and that snow and rain would become increasingly rare in California. As a result, long-planned low-elevation reservoirs, designed to store water during exceptionally wet years, were considered all but useless and thus were never built.
(Excerpt) Read more at amgreatness.com ...
The scenery and the weather will keep a lot of rich people here unlike New York
Related Article:
Net migration out of California topped 100,000 in 2015, 2016 and 2017, according to the Census Bureau. And between 2006 and 2017, a total of 1.24 million Californians left the state, never to return, the third highest total in the country, behind only New York and Illinois. That should hardly come as a surprise in a state where buying a home is only affordable for 28% of the population, as the median home prices nearly doubled between 2012 and 2018. As more residents struggle to get away, new births and immigrants from abroad (including plenty of illegal aliens) are the only reason California’s population has continued to expand.
The end is coming soon for California, I have already reduced my income intentionally to avoid paying as much taxes as I can, purchased a home in AZ many years ago and will relocate when the time is right.
Maybe someone should start circulating flyers to the homeless in Cali stating that they can find free housing in the State capital and city center buildings.
Yep. But we need a serious revolution in this state. Sadly I love it here except for the BS politics and high cost.
Geographically and meteorologically, California is just about the most desirable state in which to live. I lived in SoCal - Orange County - for fifteen years. But even back then, the mid-90s, the traffic was a major hassle and state taxes were very high. Decamped to Virginia in 1996. If money were not a concern I would go back in a heart beat. Well, maybe, as the state has been totally taken over by the crazies (in a political sense).
The only problem I have with Kalifornia secession
is that it would add more miles to the border wall.
We don’t need ANY more houses in California.
We need about 10 million people to LEAVE.
Tell me WHO hasn’t seen this coming?
Bookmark
We need about 10 million people to LEAVE.
That is about how many Illegal Aliens there are in California, about 1.5 Million in Los Angeles alone
“The only problem I have with Kalifornia secession
is that it would add more miles to the border wall.”
I disagree with secession. Among other things, the United States fought and paid money to Mexico for that land.
On the other hand, the “Act For Admission of California” was approved on 9 Sep 1850. I might be in favor of repealing that act and taking away their statehood.
“Nearly one-third of the nation’s welfare recipients live in the state, and nearly one in five live below the poverty line.
The result is that tens of thousands of people live on the streets and sidewalks of the state’s major cities, where primeval diseases such as typhus have reappeared.”
Bill Maher says EVERYONE wants to be here. NO THANKS.
If California seceeds it would quickly become Chinese territory.
California is not going to secede. Talking about it is stupid.
Statistics show the middle class is leaving, not the wealthy.
If you make $20 million a year, and pay half of it in Federal and state income tax, you can still live very nicely.
Good post, and good points.
The wealthy of the Dem party are always saying that the rich should pay their “fair share” without ever saying what a fair share really looks like. But they are crying that the tax cap on some major deductions like state and local taxes is unfair. I guess we are about to see what the fair share the rich should pay will be. (I am retired and well off, but do not depend on those deductions to the same extent, my tax will stay the same. So I guess I am not rich. The new standard deduction is very close to the best itemized deductions I can do with my med costs and mortgage.)
I do miss having lots of water, and I am sorry to learn that there are no plans to store more water or build a new aqueduct up to the Columbia river. I have suggested that this be added to the coming Green New Deal, since it is only a pipe dream at this time.
Good post, and good points.
The wealthy of the Dem party are always saying that the rich should pay their “fair share” without ever saying what a fair share really looks like. But they are crying that the tax cap on some major deductions like state and local taxes is unfair. I guess we are about to see what the fair share the rich should pay will be. (I am retired and well off, but do not depend on those deductions to the same extent, my tax will stay the same. So I guess I am not rich. The new standard deduction is very close to the best itemized deductions I can do with my med costs and mortgage.)
I do miss having lots of water, and I am sorry to learn that there are no plans to store more water or build a new aqueduct up to the Columbia river. I have suggested that this be added to the coming Green New Deal, since it is only a pipe dream at this time.
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