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Businesses Exit Taxifornia in Droves
Townhall.com ^ | March 16, 2012 | Mike Shedlock

Posted on 03/16/2012 8:41:56 AM PDT by Kaslin

California Tax Revenue Plunges

Inquiring minds have noticed a huge plunge in California Tax Revenue for the month of February compared to February 2011.

The numbers below represent a 22.55% plunge in spite of the fact that this February was a leap year adding a day to the calendar.

Madeline Schnapp, at TrimTabs Investment Research sent me a quick note regarding that plunge a few days ago.

 

Madeline writes...

Hello Mish

I came across this little tidbit from the February report from the Comptroller's office of the State of CA.

In Feb 2012 income tax receipts are down $328 million y-o-y, or 16.5%. Ouch!

What about retail sales taxes? CA had a "temporary" sales tax hike of one cent that expired last July. Adjust the data to reflect that change, it looks like sales taxes in February are $400 million y-o-y +/-, a decline of about 12.4%. Double ouch!

That doesn't sound like robust growth to me.

Something About the Economy Doesn't Add Up

In
Piecing Together the Jobs-Picture Puzzle, Jon Hilsenrath at The Wall Street Journal wonders "How can an economy that is growing so slowly produce such big declines in unemployment?"

Something about the U.S. economy isn't adding up.

At 8.3%, the unemployment rate has fallen 0.7 percentage point from a year earlier and is down 1.7 percentage points from a peak of 10% in October 2009. Many other measures of the job market are improving. Companies have expanded payrolls by more than 200,000 a month for the past three months, according to Labor Department data. And the number of people filing claims for government unemployment benefits has fallen.

Yet the economy is barely growing. Many economists in the past few weeks have again reduced their estimates of growth. The economy by many estimates is on track to grow at an annual rate of less than 2% in the first three months of 2012. The economy expanded just 1.7% last year. And since the final months of 2009, when unemployment peaked, the economy has expanded at a pretty paltry 2.5% annual rate.

How can an economy that is growing so slowly produce such big declines in unemployment?

Trimtabs thinks the problem lies in the heavily massaged BLS employment data and the highly suspect BEA personal income data.

That said, withholding tax data is also messy and not a perfect measure either, but no matter what I do with the data, I can't get to 200,000+ jobs unless a huge percentage of the workforce is suddenly working for McDonalds

Best,

Madeline Schnapp
Director, Macroeconomic Research
TrimTabs Investment Research
Many Explanations for the Unemployment Puzzle

There are many explanations for the "miracle drop" in unemployment.

  1. Disability Fraud: Disability Fraud Holds Down Unemployment Rate; Jobless Disability Claims Hit Record $200B in January
  2. Exploding growth in student loans and middle-aged job hopefuls returning to school: Consumer Credit "Demolishes Expectations" Really? No Not Really! The "Non-Bounce" in Non-Revolving Credit

  3. Involuntary Retirement: Boomers of retirement age that still want and need a job have involuntarily retired to collect social security because unemployment benefts rans out and they have no other source of income.

Divergence with Gallup

Those there things piece together the "unemployment puzzle" nicely except for one thing. Gallup polls do not agree as noted in Gallup Reports Large Jump in Unemployment to 9.1%, Underemployment to 19.1%.

U.S. unemployment, as measured by Gallup without seasonal adjustment, increased to 9.1% in February from 8.6% in January and 8.5% in December.



The 0.5-percentage-point increase in February compared with January is the largest such month-to-month change Gallup has recorded in its not-seasonally adjusted measure since December 2010, when the rate rose 0.8 points to 9.6% from 8.8% in November. So, is the BLS carefully massaging the data, or are their seasonal adjustments simply that far out of line with reality, tax collections, and common sense?

Businesses Exit California in Droves

Madeline and I are not the only ones who noticed the plunge in California. Chriss W. Street on Beitbart discusses the California Exodus behind the drop. Street has the reason: Businesses fed up with high taxes have fled the state.

California politicians seem delusional in their continued delusion that high taxes have not savaged the State’s economy. Each month’s disappointment is written off as due to some one-time event.

The more likely reason tax collections continue falling is that businesses and successful people are leaving California for the better tax rates available in more pro-business states.

Derisively referred to as “Taxifornia” by the independent Pacific Research Institute, California wins the booby prize for the highest personal income taxes in the nation and higher sales tax rates than all but four other states. Though Californians benefit from Proposition 13 restrictions on how much their property tax can increase in one year, the state still has the worst state tax burden in the U.S.

Spectrum Locations Consultants recorded 254 California companies moved some or all of their work and jobs out of state in 2011, 26% more than in 2010 and five times as many as in 2009. According SLC President, Joe Vranich: the “top ten reasons companies are leaving California: 1) Poor rankings in surveys 2) More adversarial toward business 3) Uncontrollable public spending 4) Unfriendly business climate 5) Provable savings elsewhere 6) Most expensive business locations 7) Unfriendly legal environment for business 8) Worst regulatory burden 9) Severe tax treatment 10) Unprecedented energy costs.

Vranich considers California the worst state in the nation to locate a business and Los Angeles is considered the worst city to start a business. Leaving Los Angeles for another surrounding county can save businesses 20% of costs. Leaving the state for Texas can save up to 40% of costs. This probably explains why California lost 120,000 jobs last year and Texas gained 130,000 jobs.

California Governor Jerry Brown’s answer to the State’s failing economy and crumbling tax revenue is to place a $6 billion tax increase initiative on the ballot to support K-12 public schools. He promises to only “temporarily” raise personal income rates by 25% on any of the rich folk who haven’t already left.
Taxed to Death

If Brown continues to suck up to the public unions responsible for the mess California is in, expect still more businesses to leave, expect the unemployment rate to rise, and expect a continued plunge in revenue.


TOPICS: Business/Economy; Editorial; Extended News; US: California
KEYWORDS: democrats; liberal; liberalfascism; liberals; liberalutopia; progressives; taxes
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1 posted on 03/16/2012 8:42:00 AM PDT by Kaslin
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To: Kaslin

The problem with killing the rich and taking their stuff is you can only do it once.


2 posted on 03/16/2012 8:44:28 AM PDT by Joe the Pimpernel (Islam is a religion of peace, and Moslems reserve the right to behead anyone who says otherwise.)
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To: Kaslin

And Jerry Brown’s solution to this is to raise taxes on business and high earners. You can shear a sheep many times but you can only skin it once.


3 posted on 03/16/2012 8:49:33 AM PDT by circlecity
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To: Joe the Pimpernel

That’s OK there Calipornia the Kardashians will take care of all of you!


4 posted on 03/16/2012 8:50:44 AM PDT by US Navy Vet (Go Packers! Go Rockies! Go Boston Bruins! See, I'm "Diverse"!)
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To: Kaslin

Texas = West Germany.


5 posted on 03/16/2012 8:51:09 AM PDT by Charles Martel (Endeavor to persevere...)
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To: Charles Martel

I got a new really, really good employee out of CA yesterday.

Keep ‘em coming CA.


6 posted on 03/16/2012 8:53:51 AM PDT by txhurl (Thank you, Andrew Breitbart. In your untimely passing, you have exposed these people one last time.)
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To: Kaslin

and all they seem to be focused on locally is eliminating one time use plastic bags from businesses. Go figure. Delusional isn’t even the word anymore. Not strong enough for the mental illness of these California politicians and those that continue to vote them in.


7 posted on 03/16/2012 8:55:06 AM PDT by GOP Poet
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To: Charles Martel

“Texas = West Germany.”

California=East Germany


8 posted on 03/16/2012 8:55:44 AM PDT by chuckee
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To: US Navy Vet

Um, the kardashians have quietly moved to Dallas. Happened when Odom became a Mav...


9 posted on 03/16/2012 8:56:11 AM PDT by piytar (Rebellion is here! Free Republic is on the front line! NEVER SURRENDER!)
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To: Kaslin

Put a fence around it,barricade the rest of the country away from them.Then put some dynamite charges in the San Andreas Fault and set em off....


10 posted on 03/16/2012 8:57:09 AM PDT by gimme1ibertee (If you want to kick a tiger in the ass, you better have a plan for dealing with his teeth.)
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To: piytar
Um, the kardashians have quietly moved to Dallas. Happened when Odom became a Mav...

And we can't wait until they leave.

11 posted on 03/16/2012 8:57:40 AM PDT by dfwgator (Don't wake up in a roadside ditch. Get rid of Romney.)
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To: Charles Martel

‘Bout right, most of them seem to be showing up here in Texas.


12 posted on 03/16/2012 9:00:34 AM PDT by Sequoyah101 (Half the people are below average.)
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To: Kaslin

Alcohol and cigarettes are up. Death is way up. So is insurance, but that’s probably from people who want to torch their businesses.


13 posted on 03/16/2012 9:01:04 AM PDT by Moonman62 (The US has become a government with a country, rather than a country with a government.)
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To: Kaslin

Penalizing the productive, and rewarding the non-productive, is a central tenet and practice of Socialism.

Even when the disastrous effects of this practice are right in front of their eyes, liberals refuse to accept the truth of that destruction, and insist upon solving those ill effects by penalizing the productive even more.

And as long as there’s water in the taps, and the street lights keep working, they’ll continue to double down on their suicidal solutions. It’s going to take a complete breakdown of the entire system before the people throw that cult out of power.


14 posted on 03/16/2012 9:04:00 AM PDT by Windflier (To anger a conservative, tell him a lie. To anger a liberal, tell him the truth.)
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To: Kaslin

The absolutely striking thing in the table is the “Vehicle License Fees”......the most telling of all....no one moving there, everybody and his brother (who isn’t illegal or DEM) leaving.....marvelous!


15 posted on 03/16/2012 9:04:31 AM PDT by Gaffer
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To: Kaslin

Californian’s are counting on a bail-out. I don’t think the rest of the country is down for it.

But I can imagine the media onslaught. I’m going to have to turn off the telly.


16 posted on 03/16/2012 9:04:41 AM PDT by St_Thomas_Aquinas (Viva Christo Rey!)
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To: Kaslin
They need to raise taxes to fill the gap.

That will drive more businesses out.

Then they'll need to raise taxes to fill that gap.

That will drive yet more businesses out.

Then they'll need...

17 posted on 03/16/2012 9:08:36 AM PDT by Lexinom (Mitt < 1,144)
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To: circlecity

As the productive taxpayers leave in droves the state of Kalipornia is replacing them with illegal aliens on welfare.

I am sure that will work out.


18 posted on 03/16/2012 9:11:40 AM PDT by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: Kaslin

California will be our Greece. If the DNC controls the White House the taxpayers will eat it. If the GOP controls the White House the proposed bailout will be one of the most heated battles we have witnessed. If the current GOP leadership is still in place the taxpayers will eat it again. Their congressional delegation is that powerful.

Entitlements, state salaries, and public pensions will eventually crush the state economy. The rats in California will continue to strangle producers with high taxes and Texas, Nevada, and Arizona will gain productive companies and people and state revenues will continue to decrease as budgets increase.

The danger to the rest of the nation is the massive size of California’s budget.

That is my .02


19 posted on 03/16/2012 9:12:44 AM PDT by volunbeer (Keep the dope, we'll make the change in 2012!)
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To: Kaslin

Businesses are leaving in greater numbers than companies that no longer advertise on Rush.


20 posted on 03/16/2012 9:14:30 AM PDT by bmwcyle (I am ready to serve Jesus on Earth because the GOP failed again)
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To: Kaslin

I’ll go out on a limb: Could a potential federal bailout of California become a presidential campaign issue?


21 posted on 03/16/2012 9:16:43 AM PDT by Lexinom (Mitt < 1,144)
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To: Windflier

Just looking at North Korea and Cuba, no, they will still believe no matter how bad it gets. Fortunately those in Kalpornia can still escape


22 posted on 03/16/2012 9:17:12 AM PDT by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: St_Thomas_Aquinas

Do you think Obama, Reid and Pelosi care if the rest of the country wants to bail them or not??


23 posted on 03/16/2012 9:19:20 AM PDT by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: Joe the Pimpernel

Like the metaphor in your post, and your tagline.


24 posted on 03/16/2012 9:23:21 AM PDT by 92nina
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To: Kaslin

Basically the reporting and statistics agencies have become subordinate to the politicians....which raises the question as to why We the People should continue to pay the agency employee salaries..since they no longer work for us.


25 posted on 03/16/2012 9:25:44 AM PDT by mo (If you understand, no explanation is needed. If you don't understand, no explanation is possible.)
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To: GeronL

No, but would they have the votes? The remaining Dems saw what happened to their fellow conspirators last time.


26 posted on 03/16/2012 9:26:02 AM PDT by St_Thomas_Aquinas (Viva Christo Rey!)
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To: Gaffer
The absolutely striking thing in the table is the “Vehicle License Fees”......the most telling of all....no one moving there, everybody and his brother (who isn’t illegal or DEM) leaving.....marvelous!

And that figure reflects the $370 I paid In February on my 9 year old pickup ! Seems like many people are taking vehicles off the road, as too expensive to operate. California has so screwed itself. I marvel at how far we have fallen on a weekly basis. Sigh.

27 posted on 03/16/2012 9:26:02 AM PDT by builder (I don't want a piece of someone else's pie)
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To: GeronL

They can escape until this same crap happens at the federal level. The benefit of local control is being lost every day that O’Dumby controls the government and the repubs bow down to the one who bows to the middle east. Once we lose local control completely we will have no place to escape to. Then we all will be skinned by the dems, and the weak kneed worthless repubs.


28 posted on 03/16/2012 9:27:13 AM PDT by jimpick
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To: volunbeer

“California will be our Greece....”

Naah...think Detroit...growed up good to the state level.


29 posted on 03/16/2012 9:27:36 AM PDT by mo (If you understand, no explanation is needed. If you don't understand, no explanation is possible.)
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To: volunbeer

The GOP establishment will want to bail out Kalipornia too


30 posted on 03/16/2012 9:28:43 AM PDT by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: builder

I see no rational reason for the drop off in Vehical tax revenue to that extent other than some error in the numbers.


31 posted on 03/16/2012 9:30:05 AM PDT by DAC21
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To: Lexinom
“Could a potential federal bailout of California become a presidential campaign issue?”

even more creatively, at what point do you think Governor Moonbeam and the insane state legislature will schedule a vote to withhold Federal tax remittences from DC?

32 posted on 03/16/2012 9:30:12 AM PDT by mo (If you understand, no explanation is needed. If you don't understand, no explanation is possible.)
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To: Gaffer
The absolutely striking thing in the table is the “Vehicle License Fees”......the most telling of all....no one moving there, everybody and his brother (who isn’t illegal or DEM) leaving.....marvelous!

And that figure reflects the $370 I paid In February on my 9 year old pickup ! Seems like many people are taking vehicles off the road, as too expensive to operate. California has so screwed itself. I marvel at how far we have fallen on a weekly basis. Sigh.

33 posted on 03/16/2012 9:31:08 AM PDT by builder (I don't want a piece of someone else's pie)
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To: builder

I don’t think it’s just ‘taking them off the road’ because of the expense as you experience....The change is 102,386 to 2,573! .....that’s much much more than just taking it off the road. It is taking it out of the state! That, and probably every illegal in the whole damned state finding out where to buy fake registration stickers and/or plates.


34 posted on 03/16/2012 9:31:19 AM PDT by Gaffer
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To: volunbeer

I’m on board, you thoughts mirror my own.

I was just in San Francisco this past week and only saw one Prius. Gee, I expected everyone to be driving Volts.

There’s some beautiful countryside..but some very stupid people who allowed this to happen. Let the Hollywodd 1%’ers bail them out.


35 posted on 03/16/2012 9:32:14 AM PDT by SueRae (Tale of 2 Towers - First, Isengaard (GOP-e), then, the Tower of Sauron on 11.06.2012)
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To: Kaslin

Hey, but we are drinking more in Cali, I can attest to that.


36 posted on 03/16/2012 9:32:40 AM PDT by DAC21
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To: Kaslin

Many American corporations are currently in a “Eat your own stock” mode of drawing down everything and anything they can. Less inventory, fewer employees, less risk. They are hunkering down in the hopes of weathering the Øbozo storm.

If he is reelected expect to see failures and bankruptcies explode exponentially.


37 posted on 03/16/2012 9:33:18 AM PDT by rockrr (Everything is different now...)
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To: Lexinom

Romney will back a bailout I think, just like the way he “saved” the Olympics will large infusions of federal cash.


38 posted on 03/16/2012 9:33:49 AM PDT by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: St_Thomas_Aquinas

“Californians are counting on a bailout”

The 0bama regime would only consider helping CA if it were a swing state. It`s forever locked in the basement of the democrat plantation, and its 55 EVs are guaranteed, so there`s no incentive for 0bama to ride in to the rescue.


39 posted on 03/16/2012 9:34:40 AM PDT by ScottinVA (A single drop of American blood for muslims is one drop too many!)
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To: Gaffer
The absolutely striking thing in the table is the “Vehicle License Fees”......the most telling of all....no one moving there, everybody and his brother (who isn’t illegal or DEM) leaving.....marvelous!

Actually there is some of that in your correct statement too. I have had three trailer license plates stolen off trailers over the last few years. I assume people use them on their vehicles showing the current year sticker in place to avoid being pulled over. But there HAS to be some number mistake in that graph . . . i can't imagine a fall-off of that magnitude in registration fees. Yikes !

40 posted on 03/16/2012 9:36:28 AM PDT by builder (I don't want a piece of someone else's pie)
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To: DAC21

No error.

Hundreds of businesses have left Kalipornia since last year.

The number of high bracket taxpayers has fallen sharply as people leave or get poorer.


41 posted on 03/16/2012 9:37:49 AM PDT by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: volunbeer

“California will be our Greece”

California will be bailed out regardless whom is President, just to what degree. Look to GM for what Bambi will do. If your holding Cali bonds, get the hell out of them if you can.


42 posted on 03/16/2012 9:39:18 AM PDT by DAC21
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To: 92nina

Thanks!


43 posted on 03/16/2012 9:39:44 AM PDT by Joe the Pimpernel (Islam is a religion of peace, and Moslems reserve the right to behead anyone who says otherwise.)
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To: builder

It’s the gamble of whether the Chippy will actually call in the number if he can get close enough to read. If Kallie gets that laser designator/reader stuff hooked to computer, they’ll catch them, but they’re not that smart.

If I were a government official there and still wanted my job, my home and my future, that registration number would scare me sh!tless.


44 posted on 03/16/2012 9:40:01 AM PDT by Gaffer
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To: Kaslin

I have always thought that the best measure of the economy is state tax revenue. Based upon my own analysis of year over year growth, Obamanomics has the following record:

09 growth over 08: Best described as depressing -10%
4th quarter -3.1
3rd quarter -11.0
2nd quarter -16.3 (especially bad as 2nd quarter is normally the good quarter)
1st quarter -12.2

10 growth over 09: still running negative -3.1%
4th quarter 7.7
3rd quarter 4.6
2nd quarter 1.9
1st quarter 3.3

11 growth over 10: Just now starting to be positive 0.1%
4th quarter Not available
3rd quarter 5.6
2nd quarter 10.7 (Best quarter recorded so far)
1st quarter 9.5

Average quarter to quarter growth since 1992 through 2007 - 5.3%
Average quarter to quarter growth since Obama / 2008 - 0.1%

Now keep in mind that thes are STATE tax revenues which differ from Federal tax revenues. Most of state revenues are aligned with business such as sales tax, licenses, fuel taxes etc. It does also include state income tax as well.

Another thing to consider is that the tax rates do change with different state administrations but the amount of changes are often relatively small.

My overall analysis is that we have stopped the shrinkage in the economy. But we have not yet made up the ground that has been lost. If you compare 3rd quarter 2008 to 3rd quarter 2011 you will see that State tax revenue is still down by about 3 billion dollars per quarter.

Now the numbers for 4th quarter 2011 are not yet apart of the state tax revenue as published by the Census department. And with the growing cost of fuel, it seems to me that the nation runs the risk that in 2012, the business environment will be down and that tax revenue will once again decrease. The net effect will be to drag this ressession out even further.

Just my thoughts and number swizzling. Based upon Table 2 – Latest National Totals of State Tax Revenue from the Census Department. http://www.census.gov/govs/qtax/


45 posted on 03/16/2012 9:45:00 AM PDT by taxcontrol
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To: Windflier

The only thing that can save California is unfettered agriculture. Farm households must be freed from state bureaucrats.

Small towns could come back if farmers and ranchers had free access to free markets and access to water. But alas, the Kalifornicators in the cities are more interested in “rural cleansing” of the (strategically important) countryside and would rather eat soy foods from China.


46 posted on 03/16/2012 9:47:26 AM PDT by Poincare (Reality is not a fool.)
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To: Kaslin
I heard a report yesterday that a Librarian in San Diego retired recently in her 50's with a pension paying $225,000 a year for the rest of her life. Oh and she also gets free medical for the rest of her life. Just take that one and times it by millions in CA alone milking the taxpayers for unreasonable and over the top pensions.

Asked my state congressman recently, who the hell agreed to these cushy retirement packages? Politicians elected with union campaign money who then sit across the table from the union thugs and say YES to EVERYTHING thier little hearts desire. And when the state congress cut the money going to these pensioners, when it got to the governors desk he reversed all the cuts. Oregon, going the way of CA.

Oregon even re-elected a has been governor just like CA.

47 posted on 03/16/2012 9:55:06 AM PDT by thirst4truth (www.Believer.com)
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To: txhurl

My only concern is that these folks will vote the same way they did in CA, which is how they got into that mess in the first place. It happened with people who left MA for NH, I believe. Apparently many of them don’t understand what caused their misery in the first place.


48 posted on 03/16/2012 9:56:44 AM PDT by Pining_4_TX ( The state is the great fiction by which everybody seeks to live at the expense of everybody else. ~)
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To: Joe the Pimpernel
The problem with killing the rich and taking their stuff is you can only do it once.

Children learn the tale of the goose that laid the golden egg. I.E. Democrats are stupider than children.

49 posted on 03/16/2012 10:18:11 AM PDT by DiogenesLamp (Partus Sequitur Patrem)
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To: DAC21
I see no rational reason for the drop off in Vehical tax revenue to that extent other than some error in the numbers.

Maybe it's like in Kansas. A huge percentage of Kansas residents are tagging their vehicles in Texas, Missouri, Oklahoma, Illinois and Wisconsin, Oregon, Arkansas, etc. (well, basically any state but Maine and New York). However, they continue to live in Kansas. But these scofflaws save hundreds of dollars every year by evading the high Kansas personal property tax on their vehicles.
50 posted on 03/16/2012 10:18:52 AM PDT by crosshairs
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