Thursday, March 15, 2012

Utterly Predictable Democrat Fail, Chapter 4,815: Cali Tax Hikes Crush Revenue to Moonbeam's Doomed Government

California and Greece have more than a few things in common, including the fact that their unofficial slogans are both "Ask Us About Our Death Spiral!"

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

That is a 22.55% plunge in spite of the fact that this February was a leap year adding a day to the calendar...

Via Mike Shedlock, we find a Breitbart article that provides additional insight into California's tax implosion:

Compared to last year, State tax collections for February shriveled by $1.2 billion or 22%. The deterioration is more than double the shocking $535 million reported decline for last month. The cumulative fiscal year decline is $6.1 billion or down 11% versus this period in 2011...

...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.

Like the movie Groundhog Day, the idiotic Leftists and those who support them approach each day as if history, logic and reason didn't exist.

Raising taxes on "the rich" drive "the rich" away. Raising taxes on "the rich" promotes barter and black marketeering for the most productive members of society. Raising taxes on "the rich" suppresses tax collection, because it punishes success and rewards sloth.

Which is why the party of tyranny must be defeated at the ballot box in November -- at every level of government.

Related: 161 years ago this fall.


Anonymous said...

what I found unbelievable was the entry for Vehicle Licence Fees.

That went down from k$102,386 to only k$2,573. What??? Can that be right?

This is the land of cars- and to think that only such a meager number got licenced... wow.


Anonymous said...

Notice that the alcohol and tobback tax revenues had gone up, people lost their jobs so turned to drinking and smoking under the pressure. Would like to cross reference that with suicide rates, bet those have gone up as well.

Anonymous said...

As a former and until a year go lifetime resident of California I cheer this result. The bureaucrat tyrants & political idiots reigning in the state deserve what they are getting in spades. Lol & ROTFLMBO.