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Californians approve massive tax hike on the wealthy
CNN Money ^ | November 7, 2012 | Tami Luhby

Posted on 11/07/2012 9:37:43 AM PST by rightwingintelligentsia

NEW YORK (CNNMoney) -- Californians approved a measure Tuesday that raises taxes on the wealthy and hikes the state sales tax. It is expected to bring in $6 billion a year, on average, over five years.

Proposition 30, which Governor Jerry Brown has lobbied heavily for, captured 54% of the vote. Its approval prevents massive budget cuts to the state's public schools and universities.

Brown built the tax hike into his budget so its passage was critical. Among the hardest hit by the Great Recession, California has had to slash billions of dollars from its budget in recent years to close yawning deficits.

Taking a gamble, Brown went directly to the people with the tax measure this year after losing a battle with Republican lawmakers in 2011 to put the increase before voters.

(Excerpt) Read more at money.cnn.com ...


TOPICS: Business/Economy; US: California
KEYWORDS: california; jerrybrown; proposition30; taxes
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1 posted on 11/07/2012 9:37:54 AM PST by rightwingintelligentsia
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To: rightwingintelligentsia
The "wealthy". Right.

F*^&$ng stupid people.

2 posted on 11/07/2012 9:40:21 AM PST by skeeter
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To: rightwingintelligentsia

Not going to fall for your trick. Will not click on the CNN link and give any traffic to the enemy of myself, my family and my country. No aid or comfort to the enemy.


3 posted on 11/07/2012 9:41:03 AM PST by all the best (`~!)
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To: rightwingintelligentsia

This is good because now I get to build my choo choo

4 posted on 11/07/2012 9:42:12 AM PST by Zakeet (Calling the Obozo/Bernack economy sluggish is an insult to slugs)
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To: rightwingintelligentsia
It is expected to bring in $6 billion a year, on average, over five years.

BS. It will probably cost them $3 to $6 billion per year.

5 posted on 11/07/2012 9:42:52 AM PST by kosciusko51 (Enough of "Who is John Galt?" Who is Patrick Henry?)
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To: rightwingintelligentsia

As if it’ll bring in that much. Grab what you can and flee the state folks.


6 posted on 11/07/2012 9:44:24 AM PST by Bogey78O (We had a good run. Coulda been great still.)
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To: Bogey78O

Time to invest in a moving company, and property in Texas.


7 posted on 11/07/2012 9:46:28 AM PST by garyb
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To: Bogey78O

state?

internet business can be run from any location on the globe

why would you move to another state... while still paying stupid taxes to the fed


8 posted on 11/07/2012 9:47:11 AM PST by sten (fighting tyranny never goes out of style)
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To: rightwingintelligentsia

I’m conflicted on this. While I relish the idea of the pathetically stupid Californians voting to punish themselves even more than they already have, I don’t want any more of them fleeing to my state.


9 posted on 11/07/2012 9:48:13 AM PST by noiseman (The only thing necessary for the triumph of evil is for good men to do nothing.)
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To: all the best

Yeah, cause I’m really Ted Turner and I own CNN and am trying to trick you into clicking on it. /s


10 posted on 11/07/2012 9:48:43 AM PST by rightwingintelligentsia (Be careful of believing something just because you want it to be true.)
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To: skeeter
Oh, cr*p, must be 75 to 100 of the inlaws who will be wanting to move out here.

Probably have to take them to a gunshop right off the bat, get new holsters, loaders, that sort of thing.

11 posted on 11/07/2012 9:49:05 AM PST by muawiyah
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To: garyb

Please no Californians, Oregonites, or anyone from Illinois, Ohio, Michigan or any of the Northeastern states...: )


12 posted on 11/07/2012 9:50:26 AM PST by jsanders2001
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To: rightwingintelligentsia

If Taxpayers who itemize deductions can subtract general state and local taxes in calculating their federal taxable income. Would this not lower your federal income tax and keeping more of your tax dollars in your local state?


13 posted on 11/07/2012 9:54:20 AM PST by ThomasThomas
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To: skeeter

The Left hasn’t figured out that government has a neverending and voracious appetite. It will never be satisfied. Soon they will lower the bar for what is considered wealthy and they will be the next targets. Truly most of the Californians do seem to be naive liberal idiots that trust their government far too much.


14 posted on 11/07/2012 9:54:57 AM PST by jsanders2001
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To: garyb

My wife and I are now very seriously considering moving to Texas (from Colorado) as well. We had semi-seriously discussed it before, but it is now crystal clear that we must choose sides, consolidate power, and prepare for the inevitable breakup.

It’s time for Atlas to shrug and leave the clueless leeches to feed off of each other until they’re dead. Maybe then we’ll be able to re-establish the United States of America. Maybe.


15 posted on 11/07/2012 9:55:12 AM PST by noiseman (The only thing necessary for the triumph of evil is for good men to do nothing.)
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To: rightwingintelligentsia

Used to live in CA. Glad I moved to WY, no state income tax and a balanced budget.


16 posted on 11/07/2012 9:55:48 AM PST by NEWwoman (God Bless America)
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To: rightwingintelligentsia
On a side note the Dems also now have a super-majority which means Prop 13 will be in the cross hairs. Once that is trashed watch out. The property taxes will skyrocket.
17 posted on 11/07/2012 9:56:29 AM PST by Polynikes (Hakkaa Palle)
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To: jsanders2001

I’m living in Michigan now, but I was born in Indiana.


18 posted on 11/07/2012 9:58:52 AM PST by garyb
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To: rightwingintelligentsia

I think the hidden card is the sales tax on gasoline. Pols in CAL really don’t mind the increase in gas prices. The higher the price, the more taxes they have to spend.

Last night “we” voted to give heroin to an addict.


19 posted on 11/07/2012 10:00:22 AM PST by morphing libertarian
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To: rightwingintelligentsia

When the wealthy leave California en masse, the people left are gonna be so screwed!


20 posted on 11/07/2012 10:03:49 AM PST by NRA1995 (CNN should be PNN (Propaganda, Never News))
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