<p>Actually, momsquad, I would agree with you on that one. That is important, and I think the states like Texas and California that are doing this have a lot of important responsibility. The income inequality in California is troubling, but I think the tax response is clearly appropriate.</p>
<p>“where rich Asians have been clamoring for housing for years”</p>
<p>Are they all paying the RICH taxes though? Being an Asian, I don’t want to badmouth other Asians but the knock against them is that there are a lot of cash businesses which don’t declare all of the income.</p>
<p>Shrinkrap - I used the 1% based on some of the articles stating that the higher income taxes are impacting only the top 1% of income earners. Please correct me if I am wrong.</p>
<p>“But is anybody really paying more than 50% of income in taxes, even in California–if you leave out property tax? You have to leave out property tax, because a person with little or no income can still be paying that.”</p>
<p>Of course they can. For a very high earner, getting paid via salary, not cap gains…paying 39.6% on most of their income, plus 3.8% medicare on all income over 250K, plus 13.3% California tax on income over 1 million, plus property tax equals well over 50%. And if you are self employed, you pay the employers share too.</p>
<p>Money goes to where it is treated well. I completely understand why someone would relocate if they could. Why pay so much extra to live in California, if you can live anywhere and you are a high earner? It’s a great state, but if it is costing someone hundreds of thousands or millions to live there…move.</p>
<p>" Every time we have this conversation I wonder if some of us are comparing apples to oranges. Some of us are talking about billionaires, golf players, and folks living in San Diego. When I think of folks making $250K, I’m thinking an internist married to a teacher in Stockton, or a couple of lawyers in Sacramento"</p>
<p>Kiplinger says, “The latest numbers from the IRS – based on 2010 tax returns – show what it takes to be among the top 1% of income earners: adjusted gross income of $369,691 or more.”</p>
<p>No doubt most of the top 1% are closer to the 369K figure than 369 million. Very realistic for a professional married couple in California to make that kind of money. Doing well, but not exactly super wealthy, especially in a high cost of living area. I know what shrinkrap is talking about, people keep talking about the top 1% like they are billionaires. They’re not. That’s the top 0.01%.</p>
<p>Well, it looks like he’s doing it; Phil Mickelson’s Rancho Santa Fe home is on the market for $7 million.</p>
<p>[Phil</a> Mickelson?s 9,500-square-foot home is on the market for $7 million | Devil Ball Golf - Yahoo! Sports](<a href=“Phil Mickelson’s 9,500-square-foot home is on the market for $7 million”>Phil Mickelson’s 9,500-square-foot home is on the market for $7 million)</p>
<p>I like a man who follows through with his convictions.</p>
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<p>Not important? Oh, please. Ever hear of Silicon Valley? Or Hollywood? It’s okay to not like California. It’s even okay to totally hate it. But to dismiss it as unimportant is indeed just silly.</p>
<p>Unimportant? Well, it’s home to 38 million Americans. That fact by itself should make it pretty important. But maybe they are just 38 million slackers, adding next to nothing to the economy and culture of the US. So let’s just see where California ranks among the 50 state in a bunch of key economically and socially important activities:</p>
<p>Industry/California’s rank among the 50 States</p>
<p>Agriculture/ #1
Tourism and Recreation/ #1
Crude Oil production/ #3
Pharmaceuticals/ #1
Commercial Fishing/ #1
Sport Fishing and Hunting/ #5
Food Processing/ #1
Lumber and Forrest Products/ #3
No. of Major League Sports Teams/ #1
No. of 2012 Olympic Gold Medalists/ #1
Non-Fuel Mining/ #4
Biotechnology/ #1
Computers/ #1
Film and Television/ #1
Total Economic Output/ #1</p>
<p>I could go on, but you get the idea. Oh, and one more particularly appropriate to CC:</p>
<p>Number of Universities Ranked in Top 50 by USNews/ #1</p>
<p>I happen to believe that silicon valley is important. I don’t happen to think hollywood is important. I think the state of the “entertainment” industry in this country, at this point in time, is horrendous and so un interesting as to be mind numbing. I don’t consider how much money an industry makes to be the measure of its importance. For example, I do not believe the pornography industry is particularly important.</p>
<p>Could I get a source for those stats? thank you.</p>
<p>ETA: I do not think tourism and recreation is “important,” and I do not think sport fishing and hunting is “important.” I do not think the number of major league sports teams is “important.” I do not think film and television is “important.” I do not think the number of olympic gold medalists is “important.”</p>
<p>etc…</p>
<p>I do, however, think the fact that California is one of only three wealthy states with a high income inequality issue IS important.</p>
<p>Poetgrl, you said California wasn’t important, didn’t you? In your earlier posts, you didn’t say Hollywood wasn’t important. (I think the entertainment industry is very important I don’t know what Hollywood’s share of the industry is). </p>
<p>Edit…ok. I see you don’t think many industries are important.</p>
<p>You used to argue with me taxes. Now all of a sudden income inequality is an issue for you?</p>
<p>California has many people working in the farming industry. California’s farming industry is number 1. Those are low paying jobs. Retail is big.
Low paying jobs. </p>
<p>I think income inequality is a problem.</p>
<p>California’s economy is 2 trillion dollars. Thst is a heck of a lot of money.</p>
<p>California has a very progressive income tax system unlike some states that have flat rates or no incomes at all.</p>
<p>Most states have regressive tax systems and despite the high income tax rates, California might also.</p>
<p>Coureur, I like your post.</p>
<p>A lot of those rankings must be due to CA’s size. Should a state be considered to be a desirable place to live, simply because it has the most, say sportfishermen or food processing plants? </p>
<p>A person deciding to live in CA would more likely be looking for job opportunities, poverty rates, quality of schools, cost of living, housing costs, weather and natural beauty. CA would win for weather and natural beauty, but probably not for the others.</p>
<p>o.k Poetgrl, what do you think IS important and what states are important for those reasons?</p>
<p>And California is unimportant in what sense? Like California or the industries you mentioned could just disappear now without detrimentally affecting america or even the world?</p>
<p>I don’t think that any state is unimportant and I did not take Poetgrls remark to be about the whole state of California, the people in it and the industiries. What many of us non Californians will say, when something is happening there, is, “California.” Implyiing, what does one expect from that state, and that the issue is not relevant elsewhere. You know what I am talking about. Of course, that is not correct either, but CA does have trends, movements, attitudes, atmosphere, problems in a way that is different from other states, or is so perceived. </p>
<p>As blue as NY is and Obama supportive, I cannot see this state getting a tax change like the one CA has gotten in increases for the upper brackets, and I would say a number of people here would say upon bringing this up, “California”. Like what do you expect from them, and that it doesn’t matter, isn’t going to happen here, just in California. Envious NYers said "California.: in a whole other tone, about Proposition 13, but still with the idea that it didn’t matter, wasn’t going to catch on or happen elsewhere.</p>
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<p>I doubt all those 38 million are “Americans”, and I doubt they are all paying taxes
[California</a> QuickFacts from the US Census Bureau](<a href=“http://quickfacts.census.gov/qfd/states/06000.html]California”>http://quickfacts.census.gov/qfd/states/06000.html)</p>
<p>BTW, I watched this engaging Intelligence^2 Debate:
“Is California the First Failed State?”
<a href=“http://intelligencesquaredus.org/iq2-tv/item/678-california-is-the-first-failed-state[/url]”>http://intelligencesquaredus.org/iq2-tv/item/678-california-is-the-first-failed-state</a>
</p>
<p>These pathetic threads need to stop. </p>
<p>I’m thinking of stopping posting because of the continuous absurdity.</p>
<p>I just did some cursory research, and found that CA ranks #49 for unemployment (1st being best), #35 for poverty rate (50 being worst), and #30 for education quality (1st being best). I already know how expensive housing is, so I didn’t go there.</p>
<p>If it weren’t for the weather and natural beauty with all of what those things imply (awesome outdoor activities), I don’t think CA would look all that attractive to many people.</p>
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<p>Actually, dstark, if you will recall, the only thing I ever said was that the real tax increases needed to be on capital gains and not on income. But that was a long time ago.</p>
<p>My point is that californians and texans always think they are “important.” </p>
<p>It cracks me up. :p</p>
<p>[especially since californians make so much fun of southerners for being “patriots.” Same thing, different wrapper.]</p>
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<p>Addressing this issue will address the problem of income inequality, eliminating the need for wealth distribution.</p>
<p>The outcome of the Intelligence^2 Debate was<br>
IN FAVOR: California is the First Failed State</p>
<p>Aw Poetgrl, you hurt us New Yorkers’ feelings leaving us out. I happen to believe that NYers think they are the most important of all! That’s why we don’t think California is important in what they do.</p>
<p>We also know that CA has a terrible tax rate, and I will tell you that traffic can be horrible. I don’t even try to drive to neighboring cities anymore like I used to, because it can take 2 hours to go 45 miles on the freeway. The reason the high speed rail was initiated is because of an impending transportation crisis in the state. It is so densely populated now that you can’t enjoy the vast beauty of it all very easily. (#2 reason people are leaving).</p>
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<p>I happen to love New York. I can’t help it. I think off broadway and the publishing industry is “important.” MOMA, important. </p>
<p>The cab drivers are fantastic. New York/London/Berlin/Barcelona/Paris Important. ;)</p>