As more and more businesses and rich folk leave, the government has to raise taxes on a smaller and smaller constituency to continue supporting their idiotic ideology. Trouble is transplants take their idiotic ideologue with them and infect solvent red states with the same cancer. The future doesn’t look much brighter.
Prop. 30 raised the state’s top income tax rate by 8%, increasing it one percentage point from 12.3% to 13.3%, which is now the highest state income tax rate in the nation. Prop. 30 also hiked the tax rate on income between $300,000 and $500,000 by two percentage points, and raised the rate on income in excess of $500,000 by three percentage points.
In 2016, California voters extended the Prop. 30 income tax increases, which were originally scheduled to expire in 2019, until 2030. There will be an effort to extend those income tax hikes yet again prior to their expiration in 2030; book it now.