Big news, as one of the world’s largest car makers decides to abandon tax-and-spend California for the Lone Star State:
Toyota is moving U.S. sales and marketing operations from Torrence, California to Plano, Texas.
California has become infamous with business executives and owners there not only for high tax rates and complex taxing schemes but also for overzealous regulations and regulators that have managed to stifle the entrepreneurial energy of thousands of companies.
“Criminal activity is the extreme manifestation of California’s institutionalized progressive hypocrisy.”
ZeroHedge (quoting a certain gun-grabbers business news service) offers up the most and least taxing states in America. Once again, California tops the list for most taxing. Plus a handy visual representation:
“California doesn’t just have the highest state income tax in the nation. It leads the rest of the country in almost every category of taxation: the highest state sales tax, the highest taxes on gasoline at the pump, and the highest corporate tax west of the Mississippi. And the taxes aren’t doing much for the people of the state, rich or poor. For the first time in history, the Census Bureau reports that California is also the poorest state in the nation, with 23.8% of the population living in poverty, in large part because of California’s high cost of living (which is not helped by all the sky-high consumption taxes the Democrats have enacted and the poor must pay to survive.)”
If that weren’t bad enough, a new bill (SB 1372) threatens to levy a class-war tax on CEO salaries. “Their bill would change the state’s fixed tax rate on publicly traded corporations to a sliding levy that’s pegged to the earnings gap between the top-paid executive and the median worker.” Evidently Democrats want all publicly traded corporations in California to move their headquarters to Texas…
The Pension Tsunami is going to wreck California sooner rather than later. “State and local governments in the Golden State have underfunded their golden-parachute pension promises by a terrifying half a trillion dollars. Twenty thousand public employees now collect yearly pensions of $100,000 or more.”
Some of the money those “public servants” are raking in is pretty staggering: “In 2012, more than 100 individuals took home more than $500,000 in total compensation; 8,248 raked in more than $250,000; 28,844 cashed in to the tune of $200,000 or more.”
Superintendent in a California school district who oversees 6,600 students pulled down a cool $674,559 last year. (Hat tip: Dwight.)
Evidently CalPERS and San Bernardino are still negotiating.
If you think CalPERS is going broke now, just wait to California’s bankrupt cities start writing down debts owed.
Everyone knows San Francisco is as liberal as liberal can be. Yet even there voters have voted down green energy mandates.
California hot sauce maker Sriracha is still mulling relocation offers. Texas is still a possibility.
California’s tax bureaucracy will continue suing you after 20 years, even if they’ve lost in court.
Poll of residents shows that Texas is one of the five most popular states to live in. “Texans rank high on standard of living and trust in their state government, and they are less negative than others are about the state taxes they pay.”
Texas isn’t immune from California’s troubles when big city officials start spending like California Democrats. Big-spending Texas cities should learn from bankrupt Detroit’s example.
Tags: California, CalPERs, San Bernardino, San Francisco, Sriracha, Texas, Toyota, unions, Welfare State
This entry was posted on Tuesday, April 29th, 2014 at 10:44 AM and is filed under Budget, Democrats, Texas, unions, Waste and Fraud, Welfare State. You can follow any responses to this entry through the RSS 2.0 feed.
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On the subject of Superintendent Fernandez, it turns out that the LAT (and, apparently, Supt. Fernandez as well) left out the $98,000 the district paid for life insurance last year.
Which makes his actual taxable income $772,457.