Went Galt? Taxpayers in California topping $500k in income fall from 146,221 to 98,610 in just two years

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    Jan 12, 2012 6:18 AM GMT
    http://www.bloomberg.com/news/2012-01-11/california-s-top-earners-dwindling-as-brown-counts-on-their-higher-taxes.html

    Governor Jerry Brown’s plan to balance the state budget in part with higher taxes on the wealthy depends on a group of top earners that shrank by one-third from 2007 to 2009.

    Tax returns with adjusted gross incomes topping $500,000 fell to 98,610 in 2009, the latest year available, from a recent peak of 146,221 two years earlier, according to data from the Franchise Tax Board, the state agency that collects income and corporate taxes.
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    Jan 12, 2012 6:25 AM GMT
    riddler78 saidhttp://www.bloomberg.com/news/2012-01-11/california-s-top-earners-dwindling-as-brown-counts-on-their-higher-taxes.html

    Governor Jerry Brown’s plan to balance the state budget in part with higher taxes on the wealthy depends on a group of top earners that shrank by one-third from 2007 to 2009.

    Tax returns with adjusted gross incomes topping $500,000 fell to 98,610 in 2009, the latest year available, from a recent peak of 146,221 two years earlier, according to data from the Franchise Tax Board, the state agency that collects income and corporate taxes.


    Wait a minute. 2009.

    Who was Governor?

    Oh yeah, that Republican guy.


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    Jan 12, 2012 10:01 AM GMT
    How's they do in 2010? 2011? Talk about cherry picking your data set. icon_rolleyes.gif
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    Jan 12, 2012 2:48 PM GMT
    Christian73 said Talk about cherry picking your data set. icon_rolleyes.gif
    Thats a riddler specialty!
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    Jan 12, 2012 3:05 PM GMT
    TropicalMark said
    Christian73 said Talk about cherry picking your data set. icon_rolleyes.gif
    Thats a riddler specialty!


    I am not sure he understands what he posts, otherwise he would read, interpert and condense it with a link to the resource.

    Interesting that as a conservative, he is clearly violating the LA Times terms of service and stealing private property. From the LA Times:

    "You may not republish any portion of the Content on any Internet, Intranet or extranet site or incorporate the Content in any database, compilation, archive or cache. You may not distribute any Content to others, whether or not for payment or other consideration, and you may not archive, modify, copy, frame, cache, reproduce, sell, publish, transmit, display or otherwise use any portion of the Content..."

    Some publishers permit copying, but the LA Times clearly doesn't except for personal use.
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    Jan 12, 2012 5:09 PM GMT
    A few points here - the exodus of high income earners started happening a long time ago - and has only accelerated because of the recession. 2009 appears to be when the most recent data was available.

    It's relevant because the state wants to increase taxes on high income earners. As always, expect revenue projections to come in significantly short of their expectations (odd that it always happens this way and they always expect a different result).

    Finally, this is a bloomberg article - not LA Times.
  • conservativej...

    Posts: 2465

    Jan 13, 2012 12:27 AM GMT
    Good article. I posted it to my blog yesterday. The California transplants that have moved into my community all seem to be conservative. Go figure.