Comments by "TeeKay" (@teekay_1) on "CBS TEXAS"
channel.
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@stefandavenport1588 Vary your news sources
I'd say "right back at you"
From CalMatters :
"California’s tax system, which relies heavily on the wealthy for state income, is prone to boom-and-bust cycles. While it delivers big returns from the rich whenever Wall Street goes on a bull run, it forces state and local governments to cut services, raise taxes or borrow money in a downturn. During the Great Recession, the capital-gains taxes that sustained the state in good times plummeted. School districts handed out 30,000 pink slips to teachers, and the state was so cash-strapped it gave out IOUs when it couldn’t pay some of its bills."
The result?
"According to the Legislative Analyst’s Office [of California], half of the state’s personal income tax revenue comes from those making $500,000 or more. Conversely, households making $50,000 or less make up nearly 60 percent of tax filings but make up just 2 percent of revenue."
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