California Revenues Plummet as the Rich Take Flight

Well closer to home, we have yet another example.  In the November 2012 election, Governor Brown campaigned for, and received, a 29% increase in California’s top income tax rate, which now stands NUMBER ONE in the nation at 13.3%.   In addition, he also received a an increase in our state sales tax which already held the not so desirable numero uno spot.  Surely these revenue generating maneuvers had a positive impact on our state’s November revenue.  Nope. 
 
In spite of the leftist’s certainty that California’s millionaires would not move, our high income earners have already “voted
with their feet” by moving themselves and their businesses out of state,
resulting in an over $1 billion shortfall in corporate and income taxes
last month……Let the new fiscal crisis begin!!

And what does this mean numerically?  Well according to State Controller John Chiang our total state revenue for the month of November 2012 fell over $806 million, or 10.8% below budget.