Higher Taxes on Rich Could Drive Them Away
“Gov. Shuns Most Obvious Fiscal Remedy” (Golden State, Jan. 13) recommends that California increase revenue through higher income taxes on the rich.
Although I am nowhere near the tax bracket that he advocates soaking, I can believe that this solution to the budget deficit might not be such a good idea.
California has the highest income tax of any state. Raising it still higher might drive many of these high-income people out of the state, thus killing the goose that lays the golden eggs.
A. Tanner
Irvine
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Taxes should be raised 1% on personal incomes over $500,000 and 2% over $1 million. Remember, those increases are deductible from federal income tax.
Does anyone seriously believe it will cause such people to move to a state with no income tax? Does anyone seriously believe that businesses leave the state because their top executives have to pay higher personal income taxes in that range?
Ira Spiro
West Los Angeles
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