Those that make North of 400k pay 50% of the income tax bill. Seems like a minority is discriminated against.
Most, probably over 90%. of the California state income tax collected is coming from a few thousand high income individuals and couples. Newsom and his Democrats are too stupid to ask what happens if a couple thousand of them leave. Dynamic analysis is not in their tool box.
“Those that make North of 400k pay 50% of the income tax bill. Seems like a minority is discriminated against.”
That is correct. The bad news for the scum-sucking politicians in CA is that half of the money the state income tax brings in is paid by wealthy Californians. The LA Times is too dumb to even figure that out. Not just the wealthy people will leave but also a huge number of companies will be leaving and taking those high earners with them. Then, lets not forget the other economic losses such as property taxes on the commercial buildings and on the homes of those who leave. Then, there is the matter of lost sales tax income. Then we have the multiplier effect of all of the other individual businesses who will close due to the loss of sales, etc., etc., etc.
As a California resident for nearly 50 years and not one of the high income tax payers, I can tell you that the wife and I have been talking about getting out of here. The only thing standing in our way is that both of us are in our 70s and have chronic health issues that require recurring doctor visits. Just the same, we still may bite the bullet and get the hell out of this s**thole which once was an absolutely fantastic place to live. When I moved here, Ronald Reagan was governor. My, how this once-magic state has fallen.