The 'Buffett Rule' hasn't worked in California - latimes.com: "If President Obama really wants to see the "Buffett Rule" in action, he should look at California's tax system. The state has been plagued by it for years.Economics 101. I know, we'll have FedGov decide when the moneybags have to take their capital gains. That will solve it! Good God.
The revenue stream is unstable and the state budget has been a deficit disaster.
Soaking the rich — relying heavily on them for income taxes — has resulted in a precarious revenue roller coaster ride. It's either boom or bust in Sacramento, depending on how the wealthy are faring in the stock market and their other investments."
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