- WND - http://www.wnd.com -
California tax hikes to increase exodus?
Posted By -NO AUTHOR- On 12/24/2012 @ 12:35 pm In Money,Politics,U.S. | No Comments
(FOXNEWS) — A vote last month that makes Californians among the highest-taxed residents in the country is sparking debate about whether the Democrat-back initiative will backfire, by forcing high-earners to join a long exodus from the cash-strapped state.
Democratic Gov. Jerry Brown successfully pushed the tax increase by suggesting that high-earners must shoulder the largest burden in bailing out the state, particularly its debt-ridden public school system.
However, high unemployment and government debt have already sent residents fleeing in large numbers – an estimated 225,000 annually for the past 10 years.
And the recently passed tax increase for families making more than $250,000 each year could further shrink the tax base for California, whose 2012 budget deficit is projected to hit $28 billion.
Article printed from WND: http://www.wnd.com
URL to article: http://www.wnd.com/2012/12/california-tax-hikes-to-increase-exodus/
© Copyright 1997-2013. All Rights Reserved. WND.com.