We Californians just received the news -- seems the State’s budget deficit projection of $ 9 billion was off a bit. Expected monies have not materialized, so our budget deficit is now expected to be a little higher – say…… $$$ 16 B I L L I O N !!!
How solvent is your State ... or nation, if you're a reader from another country, since there are problems over much of the world?
California has some serious choices ahead we’re told – some taxes or cutbacks to our already bleeding education system and programs for those who have the least and need the most.
Just a few days ago a news story revealed Google’s co-founder is giving up his U.S. citizenship to move with his billions to Singapore. This means he’ll likely not pay as much federal and state tax as he would have otherwise, so no help for California there.
Increasing numbers of Americans are renouncing their citizenship but I don't know what all the individuals reasons are for doing so. There are pros and cons about whether tax increases will cause even more Americans to leave the country, taking their money with them, thus avoiding taxes.
Most were probably educated in this country, or as in the Google co-founder's case (he's also a citizen of Brazil,) he attended Harvard and had the benefit of contacts he made there plus our whole system of business opportunity.
What about all those individuals and corporations who have secretive off shore bank accounts?
Financial institutions outside the U.S. are required to report information about the income and accrued payed interest to American clients accounts effective in January 2013. We'll see how that all works out.
Doesn’t loyalty, gratitude, a desire to help the State, nation and people by fully paying the required tax rate rather than finding ways to avoid doing so seem ethically appropriate -- especially in these challenging times?