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Started By
Message
As top earners flee, California sees 25% drop in income tax revenue
Posted on 12/28/23 at 9:00 am
Posted on 12/28/23 at 9:00 am
quote:
Earlier this month, the Legislative Analyst’s Office projected California could see a budget deficit of $68 billion for the upcoming fiscal year if not solved.
It linked that deficit largely to a "severe revenue decline" that involved a 25% drop in total income tax collections in 2022-2023. Things like the postponement of certain tax payments and economic weakness played into that, according to the office’s report
Walczak said that part of the state’s revenue decline "is because they are increasingly seeing not just population decline, but some of their wealthiest and most significant taxpayers leave the state."
Between 2020 and 2021, there was a net of over 27,300 fewer tax returns in California that reported an adjusted gross income of at least $200,000, the Tax Foundation found, citing IRS migration data.
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Posted on 12/28/23 at 9:02 am to Darth_Vader
Yes elections have consequences.
Posted on 12/28/23 at 9:03 am to Darth_Vader
***insert "you hate to see it" gif***
Posted on 12/28/23 at 9:03 am to Darth_Vader
You can only steal and squeeze from people so much before they get tired of it and leave.
Posted on 12/28/23 at 9:03 am to Darth_Vader
It’s almost like the bill is coming due for Democrat- led Progressivism.
Posted on 12/28/23 at 9:04 am to Darth_Vader
The thing about taxing the rich is they have the means to leave. Shocking revelation
Posted on 12/28/23 at 9:05 am to Darth_Vader
That's ok. All the big money powerball and mega winners will be from Cali. That'll make up for all those people leaving.
Posted on 12/28/23 at 9:07 am to jmarto1
quote:
Have the means to leave
Exactly. Who wants to be taxed to death then have to dodge piles of shite and syringes just to walk around.
Posted on 12/28/23 at 9:09 am to Darth_Vader
Leftist financial policies are so short-sighted. It's like they fail to do the most elementary analysis of potential outcomes.
Hmm, if we keep taking larger and larger portions of people's money while ignoring everyday problems, what will happen when our residents have 49 other states to choose from?
Hmm, if we keep taking larger and larger portions of people's money while ignoring everyday problems, what will happen when our residents have 49 other states to choose from?
Posted on 12/28/23 at 9:13 am to Darth_Vader
someone call up Governor Abbott and tell him to pile on a bit. Let's send them another say, couple hundred bus loads of uneducated, non English speaking, male illegal immigrants. time for Progressives to learn some hard lessons.
Posted on 12/28/23 at 9:15 am to Darth_Vader
The fed will just print more money for them to hand out.
Posted on 12/28/23 at 9:15 am to Klark Kent
Problem is they leave California but bring their liberal voting habits with them. Californication. Can't fix stupid.
This post was edited on 12/28/23 at 9:17 am
Posted on 12/28/23 at 9:18 am to Darth_Vader
They’re just moving to Texas and doing the same damn thing there. Stupid fricks.
Posted on 12/28/23 at 9:19 am to Darth_Vader
California should implement more taxes to make up for the loss of tax revenue from people leaving
Posted on 12/28/23 at 9:20 am to Darth_Vader
They're bringing their bs to AZ.
Posted on 12/28/23 at 9:21 am to Lsupimp
quote:
It’s almost like the bill is coming due for Democrat- led Progressivism.
but they won't be the ones paying it. the federal government will bail them out of it.
Posted on 12/28/23 at 9:21 am to Darth_Vader
They just bring their same voting to the south
Posted on 12/28/23 at 9:28 am to SoDakHawk
quote:
Problem is they leave California but bring their liberal voting habits with them. Californication. Can't fix stupid.
Just like the oft repeated quote concerning communism…”it’ll work this time!”
This post was edited on 12/28/23 at 9:29 am
Posted on 12/28/23 at 9:30 am to Darth_Vader
quote:
Walczak said that part of the state’s revenue decline "is because they are increasingly seeing not just population decline, but some of their wealthiest and most significant taxpayers leave the state."
The solution is pretty clear. Just raise taxes.
Posted on 12/28/23 at 9:34 am to SaintEB
quote:
All the big money powerball and mega winners will be from Cali.
California currently doesn't tax lottery winnings.
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