“California State Controller John Chiang has announced that total state revenue for the month of November 2012 fell $806.8 million, or 10.8%, below budget. Voters thought they could hammer ‘the rich’ by passing Proposition 30 to create the highest state income tax in the nation. But it now appears that high income earners have already ‘voted with their feet’ by moving themselves and their businesses out of state, resulting in over $1 billion shortfall in corporate and income taxes last month and the beginning of a new financial crisis.”
