On 3/28/2011 12:05 AM, PrecisionmachinisT wrote:
wrote in message
...
New York, New Jersey, Connecticut and Illinois-states that are the most
heavily reliant on the taxes of the wealthy-are now among those with the
biggest budget holes.

As they've grown, the incomes of the wealthy have become more unstable.
Between 2007 and 2008, the incomes of the top-earning 1% fell 16%,
compared


I feel so sorry for them really I do.

FWIW:

My 401K has more than doubled under Obama.

to a decline of 4% for U.S. earners as a whole, according to the IRS.
Because today's highest salaries are usually linked to financial
markets-through stock-based pay or investments-they are more prone to
sudden shocks.
After the dot-com bust, the state's revenues from capital gains fell by
more than two-thirds, to $5 billion in 2003 from $17 billion in 2001,
while personal-income taxes fell 15% over the same period. The recession
created a mirror image of the boom, with the wealthy leading the crash and
dragging tax revenues down with them. By 2002, California had a budget
shortfall of more than $20 billion.

http://online.wsj.com/article/SB1000...592684626.html

Perhaps the idiots in those states should stop depending on projected
earnings
before they spend thier citizens income in advance. Wishfull thinking will
not
fix thier budget busting spending spree. Free markets are a cruel
misstress.


Don't worry...

--if we just keep extending tax breaks for the rich everything will get
better.

Trust me I promise it will.




He, he, he, so many people are going to believe that line of bull you
wouldn't believe it. Even after seeing how doing favors for the rich has
not translated into any gains for anyone else, idiotic Americans still
are buying that lie. Even children understand when you take things away
from them they have less. But many adults in this country have had so
much taken from them in the way of their wealth and they still don't
understand that they are paying more and more in taxes so that the
richest among us can get richer and richer.

I saw the CEO of SAK's Fifth Avenue on TV today and he was saying how
great things were going for his stores and that the rich were back in
force buying all kinds of high end items. Isn't that great? While most
of us are struggling to buy gas and food the rich are doing better than
ever and are out spending on luxury goods. If you're rich you've got to
love this country. It just keeps getting better and better. For everyone
else, not so much.

Hawke