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Sunday, May 13, 2012

California Walks The Plank

Here's a textbook case relating to the deleterious effects high taxes have on economic growth.

California residents - those employed anyway - are some of the highest taxed citizens in America.

California residents - particularly the wealthier ones - are fleeing the state because of it.

Thus, even with the onerous tax rate, tax revenues are plunging, because those who can pay the exorbitant rate choose not to.  And move to Texas and Nevada.

Governor Jerry Brown's (a Democrat, by the way) answer to this growing crisis?

Higher taxes.

May God help those residents who haven't yet fled the state.