California State Controller John Chiang announced that total State revenue for the month of November 2012 fell $806.8 million, or 10.8 percent, below budget. Democrats thought they could hammer “the rich” by convincing voters to pass Proposition 30 to create the highest state income tax in the nation.
But it now appears that high income earners have already “voted with their feet” by moving themselves and their businesses out of state, resulting in a shortfall of more than $1 billion in corporate and income taxes last month and the beginning of a new financial crisis.
Source: California Watchdog. Read full article. (link)