According to today's WSJ, Facebook executives and employees cashing out after the IPO will bring $0.5 billion in 2012 and $2.5 billion in income taxes into the coffers of the State of California by 2015. The Sacramento politicians will spend spend it all giving them a short term illusion that all is well in CA, after which misery will follow. High marginal income tax rates lead to huge volatility of tax receipts.
Message to Gov. Herbert: Offer Mark Zuckerberg a couple hundred million to take up Utah residency, and then tax him...
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