California’s Economic Suicide and other News from Yesterday’s Ballot Measures

“Yesterday, the looters and moochers of the Golden State voted for Prop 30, a measure to significantly boost both the state sales tax and also hike income tax rates on investors, entrepreneurs, and small business owners.  I’m generally reluctant to make predictions, but I feel safe in stating that this measure is going to accelerate California’s economic decline. Some successful taxpayers are going to tunnel under the proverbial Berlin Wall and escape to states with better (or less worse) fiscal policy. And that will mean fewer jobs and lower wages than otherwise would be the case.”

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