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The Clinton's Elitist attidue continues to show

Re: The Clinton's Elitist Attitude continues to show

iguanaman said:
How can he lower income taxes on those that pay none? Trump is going to lower them on his family and the other wealthy few. Hillary wants to raise them only on those at the top. You know the ones that can afford it. They will then have a choice, either take that $5 million annual salary and pay over 50% of it in taxes or give your employees a raise or upgrade you factory instead. That's how you raise wages which increases demand and employment. That trickle down BS works in the opposite way, we know that now. Low taxes encourages greed and hoarding of money in the wealthy. That makes everything worse for the rest of us.
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Tax the rich, it works out so well.

They've been taking your Keynesian approach in California for well over a decade, ramping it up over the last 5 years. A new Proposition on November 8 promises to ramp it up even more.

Forbes Welcome

California’s “comeback” has been bolstered by assertions that the state has returned fiscal health. True, California’s short-term budgetary issues have been somewhat relieved, largely due to soaring capital gains from the tech and high end real estate booms; just 5,745 taxpayers earning $5 million or more generated more than $10 billion of income taxes in 2013, or about 19% of the state’s total, according to state officials.

Most likely this state deficit will balloon once asset inflation deflates. Brown is already forecasting budget deficits as high as $4 billion by the time he leaves office in 2019. The Mercatus Center ranks California 44th out of the 50 states in terms of fiscal condition, 46th in long-run solvency and 47th in terms of cash needed to cover short-run liabilities.

A recent Pew study found California’s urban areas over-represented among the metro area where the middle class is shrinking most rapidly. California now is home of over 30% of United States’ welfare recipients, and almost 25% of Californians are in poverty when the cost of living is factored in, the highest rate in the country.
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