Wednesday, June 10, 2015

"Stand with Walker" Trolls say Higher Taxes a Job Killer!!! Wrong Again.

Even Republican Governor Arnold Schwarzenegger couldn’t convince his party to eliminate the states massive deficit hole. That no tax pledge wasn't just a killer, it was a reason to cut the required spending that would lead to a Democratic economic recovery. And they couldn't let that happen.

My reason for bringing this up came from this ridiculous bubble world tweet from the usual list of “stand with Walker” trolls:

Okay, let's ask California. Just call me the troll killer. And yes, I've also asked these guys to provide proof, a link, anything to back up their fictions. Nothing.

They would be shocked, knowing the truth below:
California's budget surplus soars to new heights; schools to benefit: The state's revenue has climbed as much as $8 billion in the last four months.  The surplus was originally projected to be about $2 billion. California's financial outlook couldn't be more different now than it was just a few years ago in the depths of the state's fiscal crisis -- at one point the budget deficit hit $26.6 billion.
You can thank California Republicans for holding up tax increases that created that $26.6 billion deficit. Once they lost the ability to hold up their legislature, Democrats went back to work and made up for lost time, adjusting their progressive tax brackets and sales tax.

Did higher taxes make the wealthy give up trying? Did the wealthy flee the state? Of course not.

But getting back to the trolls preposterous tweet: Did high taxes kill job creation?
According to the numbers, job growth was concentrated in places that raised taxes, such as California … where voters in 2012 elected to increase both sales and income taxes beginning in 2013. Last year California ranked third in job growth at 2.9 percent, much better than the national average of 1.8 percent. Every 13th new job in America was created in just four California counties.
Here’s how Gov. Jerry Brown and the Democrats led California down the path to recovery:
This highly concentrated growth occurred after the California tax increases, Proposition 30, took effect for all Californians, but especially the top 3 percent. The new “millionaire’s rate” is a 29-percent increase in the marginal rate compared with 2012. In dollar terms, the cost is an additional $33,000 on each million dollars for those already making $1 million or more.
What made the "Stand with Walker" troll lie about California, and "job killing" higher taxes, were the following two charts in a Daily Kos post. Supply side economics is not easy to defend, now that we're able to see the results from GOP dominated states:

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