It is remarkable that California, New York, and other states are seriously devoting resources to figuring out how to lower federal taxes on their wealthiest residents.
the 1% floats the CA state government budget. Question: Is this ratio more or less than other states? I haven't been able to find comparative data: http://www.lao.ca.gov/LAOEconTax/Article/Detail/7 …
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CA would like to raise taxes on the 1% for CA things, not estate/corporate tax cuts.
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Considering it replaces regressive taxes seen elsewhere it seems like it would be higher. Same reason the revenues collapse in a recession because the very wealthy are hit hard initially
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