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December 19, 2012

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hillsider

A government which robs Peter to pay Paul, can always depend on the support of Paul.

H.L. Mencken? Mark Twain? George Carlin?

Joe

George Bernard Shaw said it.

Joe

Here's a SacBee piece today that talks about the immediate results--which are not surprising since the rate increase was retroactive, so nobody could react to it:

After years of budget agony, California is seeing something strange this month: a heap of excess cash.
The state is poised to finish January about $4 billion ahead of what forecasters expected in income taxes, according to the Legislative Analyst's Office – the biggest one-month overage that state fiscal experts can recall in recent memory.
California also set a single-day record Jan. 16 when the Franchise Tax Board received $2.2 billion in taxes, mostly in payments from the 6 percent of filers who pay quarterly rather than have money deducted from paychecks.
But state leaders shouldn't get too giddy.
The one-month boom likely comes from a perfect storm of tax changes at the state and federal level, and budget experts urge restraint because a dollar received today could simply mean a dollar less tomorrow. This comes on top of an already volatile tax system that relies heavily on wealthy residents whose income is hard to predict.

Read more here: http://www.sacbee.com/2013/01/23/5134032/california-sees-a-revenue-bump.html#storylink=cpy

The more interesting think is golfer Phil Mickelson's reaction noted here from the WSJ:

After a brilliant round Sunday at a tournament in La Quinta, California, Mr. Mickelson hinted that new tax burdens might drive him out of the state, out of professional golf, and perhaps even out of the country. "There are going to be some drastic changes for me because I happen to be in that zone that has been targeted both federally and by the state, and it doesn't work for me right now," he said. "So I'm going to have to make some changes."

The fan favorite who has won 40 events on the PGA tour described various state and federal levies and concluded that his tax rate now exceeds 60%. The sticker shock is understandable, now that President Obama has succeeded in raising the top income-tax rate this year to 39.6% from 35% and the top Medicare rate almost a full point to 3.8%. Meanwhile, Governor Jerry Brown persuaded Californians last fall to raise the top state income tax rate to 13.3%.

Anne

Uh oh, Cranky Joe's back. It's going to be a long 4 years.

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