Thursday, January 12, 2012

Dramatic Decline in California Taxpayers Earning Over $500,000

Tax returns with adjusted gross incomes topping $500,000 fell to 98,610 in 2009, the latest year available, from a recent peak of 146,221 two years earlier, according to data from the Franchise Tax Board, the state agency that collects income and corporate taxes.

That is a precipitous and dramatic decline, no doubt attributable, in major part, to the Financial and Real Estate meltdown of 2008. That said, there are very likely concurrent causes including the overtaxation  and over-regulation of the job creating class, which has been leaving in the state in large numbers.


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