(Cal Watchdog) According to the Franchise Tax Board, the highest 1% of income earners will pay more than $2 Billion less in taxes in 2013 than last year.
That’s not surprising, a recent survey found that 75% of affluent California residents are planning actions to reduce their tax liabilities and the other 25% are considering exiting California all together.
On the 14 May, 2012 I wrote here that California’s out of control budget crisis is a result of overly burdensome regulations, ever increasing taxes and out of control spending–the present economic catastrophe unfortunately was all too predictable and the only solution remains is a robust supply-side economic plan that will create incentives for real economic expansion, resulting in an increasing tax base and new revenue streams.
The news of falling tax revenues once again proves this correct.
Related: Solving the Mess in California –Prager
Tweet