California is just one of the states facing huge deficits and considering addressing their budget shortfalls by raising taxes. Part of the reason for the red ink is the that individuals and companies have been fleeing the state because of the high taxation that has long existed.
People, especially the wealthy, and companies have been leaving the state for years, and that exodus has turned into a stampede in the past few years. One can only wonder if the rate of outflow of population will increase with a new round of tax hikes. And with the announcement of 137 new "nickle and dime" taxes, one wonders if New York won't experience the same population out-flow.
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