Support for Taxation of the Wealthy

A recent poll of likely California voters shows that 78% would approve a 1% income tax hike on individuals earning $500,000 per year or more. This increase nets the state $2.5 billion. Well, why not 2% or 3% or more? These people can afford it, although they always claim poverty. One problem for implementation is the two thirds majority required for passage. At present there is support, but a concerted advertising campaign could reduce this. Let us hope not. These people are largely responsible for the mess in which the state, the nation and the world are. They should pay. Some claim they will make a mass exodus of the state. Let them do it. Ultimately they are not going to abandon a market of 38 million, so some of their income is available for taxation. Anyway, if a measure like this passes in California, it will start a wave across the country. Go for it.

Tax the Wealthy

There is a story in today's San Francisco Chronicle by Joe Garofoli discussing potential taxes that Governor Jerry Brown may consider. The idea of an additional 1 percent tax on individual incomes greater than $500,000 is dismissed by “Analysts and activists,” as too politically perilous, because Brown also wants to extend sales taxes and vehicle license fees. The article points out that the top one percent of earners from 1978 to 2008 see income increases of 81 percent, while the incomes of the bottom 20 percent drop by 11.5 percent. One would think that earners between 21 and 89 percent did not do nearly as well as the 1 per centers. The first question is; who are these ANALysts and activists? Secondly; where is the political risk of raising the income tax of the wealthiest along with the regressive taxes on sales and automobiles?

The 1 per centers are responsible for the state of the economy. They should pay more to see the state and ultimately the Federal Government out of this mess which they have made. Some worry that these Brahmins will take their jobs and leave. Most of the jobs they now create are in Chinese prisons. They have no regard for the society in which they live and their problems should not be the concern of the 99 per centers.