Quote:
Originally Posted by sperbonzo
Personally I don't think that they have the ability, or the will, to think in realistic economic terms.
I predict that California will vote to raise taxes on the highest earners in the state, both personal and corporate. This will cause those high earners to start to flee the state, taking their money, and the businesses, and jobs that they create, with them, and what will end up happening is that the lawmakers will actually succeed in LOWERING the states revenues.
You read it here first.
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Actually, I and others have been saying that for a while, and not just about California, but the entire United States is going to do it. Further, because they can't afford to let rich people flee, they will enact capital controls to try to prevent assets from being taken out of state or out of the country. This has already begun. It's going to get worse. Finally, the rich will resort to selling their assets and trying to move out of the country -- like I did, since I saw this shit coming years ago.