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California is The Richest Place on Earth

Categories: Money

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Haters like to say that L.A. is turning into Mexico City and that California's golden days are long past.

Well, we hate to break it to you, but happy days are here again.

At least for the rich of the Golden State.

California ranks number one ...


... in a Business Insider analysis of the richest states in the richest country on the planet.

The publication looked at IRS data and ranked states with the most folks worth $2 million or more in net worth. We topped the list with 329 ... thousand of those people. That's right, 329,000.

Put it another way: 1.2 percent of us, one out of 100, is this rich. Yep, that's a 1 percenter alright. (Nationally it takes only $343,927 to join the top 1 percent of income earners. Only).

We beat out the next richest state, New York, which only had 160,000 of these people. Florida was close behind with 155,000.

Last year we calculated that if California was a country it would rank only behind the U.S., China and Russia in billionaire population (there are a lucky 88 of them here).

So why are our schools falling apart? Why is L.A. a cesspool of potholes? Why doesn't our skyline look like Dubai's?

Well, as mama always said, rich people don't get that way by spending money.

[Spotted at LA Biz Observed, which also has a list of L.A.'s richest people today].

[@dennisjromero / djromero@laweekly.com / @LAWeeklyNews]

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909Jeff
909Jeff

So why are our schools falling apart? Why is L.A. a cesspool of potholes? Why doesn't our skyline look like Dubai's?You wanted an answer... 

Only half of U.S. citizens pay federal income tax, according to the latest available figures. In 2009, just 50.5 per cent of Americans paid any income tax to the federal government - the lowest proportion in at least half a century. And the number of people outside the tax system could have climbed even higher since as the economic downturn has continued to bite and unemployment has remained high.

The decreasing number of taxpayers threatens government revenues, and could also cause resentment from those who believe that welfare recipients are taking money out of the economy. 151.7million U.S. citizens paid no federal income tax in 2009, according to figures compiled by the Heritage Foundation, a right-wing think tank. In 1984, the middle of theReagan era, 85 per cent of Americans paid federal income tax, meaning just 34.8million people did not.

The figures include children, the retired and others who do not participate in the labour force.Nonetheless, they largely reflect the sudden jump in the unemployment rate after the 2008 financial crisis and subsequent recession. Unemployment rose from around five per cent at the beginning of 2008 to a high of 10 per cent in October 2009. As well the increased number of jobless people, the reduction in the number of taxpayers is a result of low-income workers taking pay cuts and reduced hours, and therefore slipping out of the tax system. It also includes people who illegally fail to file a tax return even though they might have earned enough money to do so.

Another finding by the Heritage Foundation shows that 21.8 percent of U.S. citizens receive financial assistance from the federal government. This means that 67.3million people - a record high - are 'dependent on the federal government', excluding government employees who rely on the public sector for their salaries. The conjunction of fewer taxpayers with higher welfare payments has led to intense pressure on the public purse, with the national deficit running at $1.3trillion per year.

The Heritage Foundation argues that the reduction in the number of taxpayers will create an electorate dominated by non-taxpayers, who will always support higher taxes and spending because their own money is not at stake

"Well, as mama always said, rich people don't get that way by spending money"

One of these days the tap you have sunk into the Rich is gonna run dry!

anonymous
anonymous

ASIANS CAN ACTUALLY READ MINDS!!!!!!!!!!!!they can hear and see what your visually thinkingthis is the complete truth

The reason a lot of Asians have completely expressionless faces, segregate from everybody else-only associate with Asians and don't associate with non Asians that much, and are very unfriendly in general is to avoid accidentally revealing that they can read minds. If all over a billion Asians where to show facial expressions all the time just as much as non Asians, integrate and associate with non Asians much more, and be much more friendly and talkative, then a lot of them might accidentally reveal that they can read minds by accidentally showing a facial expression or dirty look when someone thinks, or visually pictures something in their mind they don't like, find astonishing, or funny etc because those people might see that and and really wonder what that was that just happened there and see the connection, and they might accidentally say something similar to what the person was just thinking and going to say. If they all associated with non Asians a lot more then there would be a lot more people around for them to accidentally show facial expressions when those people think things they don't like etc, so they segregate and only associate with Asians so there won't be anyone around for them to see that and have any accidents happen in the first place.

Think about it, it's not normal how a lot of them act, it's not normal human behavior! and the entire way they act is all to hid their mind reading abilities, it makes perfect sense to do all of that to hide that they can read minds, because all of that is the perfect way to do it!Every single Asian alive is hiding their mind reading abilities, they don't want ANYBODY to know that they can read minds, they will always deny that they can read minds, they will lie about having mind reading abilities forever!!!Because they value hiding their mind reading abilities more then their own lives!That's why nobody knows about it!

Try thinking, best yet visually picturing in your mind something absolutely crazy as you possibly can when you are around Asians, and try looking for Asians who give people particular looks, especially dirty looks for what appears to be for completely no reason, that is them giving people looks when they hear and visually see someone thinking something they don't like, find astonishing, or funny etc.It still happens spite a large percentage of Asians having completely expressionless faces all the time, it would just happen a lot more if none of them had completely expressionless faces all the time, it's still not uncommon!

I know this may sound crazy, impossible and unbelievable, BUT IT ISN'T CRAZY WHEN ITS TRUE

You have to spread the message!!!!!The world has to know about this!!!!!

Dennis Romero
Dennis Romero

909 your assertion about only half of us paying taxes is a myth. Google David Cay Johnston's "9 Things The Rich Don't Want You To Know About Taxes." A former New York Times staff writer (and no screaming liberal), he's the foremost author on tax policy.

909Jeff
909Jeff

Dennis, 

Thanks for the response... you said something interesting.

"your assertion about only half of us paying taxes is a myth"

Us?  Am I to assume that Village Voice Media doesn't pay you a living wage? 

As far as those being my assertions, that was from the Heritage Foundation not my own doing... I'm no economist I only play Financial Adviser for a living. 

I did look David Cay Johnston up and so far he has two strikes against him, one for being an "Investigative Journalist", and second for attending San Francisco State. (I joke... kind of...)  

Also the titles of his books don't really convey a sense of confidence in free market and capitalism. 

Free Lunch: How the Wealthiest Americans Enrich Themselves at Government Expense and Stick You With The Bill 

Perfectly Legal: The Covert Campaign to Rig Our Tax System to Benefit the Super Rich—and Cheat Everybody Else 

Temples of Chance: How America Inc. Bought Out Murder Inc. to Win Control of the Casino Busines 

~Or~ 

There is the Heritage Foundation who has been influential with Presidential foreign and domestic policy. 

Probably no shock if we disagree but I believe the Heritage Foundation over Mr Johnson even if they are partisan.  And yes I realize that they still pay sales tax and the alleged payroll tax which technically isn't a tax its a premium for a benefit that you should receive down the road... And using one of Mr Johnson's examples,  Warren Buffet will pay the max contribution each year to ssn,  this is true but will receive only the same benefit payment and those who paid half as much.  If I pay more in why dont I get more out? 

So to capitulate a little, true it is only Federal and state that they don't pay... You're a smart guy who checks his pay stubs... Whats the 2 largest withholding's? 

Federal and State... 

What funds the State and Federal governments? Who owns the property that pays property taxes that fund the schools and the municipalities?  Its not the people in the lower 50%, and when there is a shortfall what happens?  The Government robs Peter to pay Paul and then... A middle class person who has maxed his SSN payment out every year for the last 25 years has to wait til he's 67 to collect and then he collects the same as the guy who only paid half as much in for less number of years.  Hell I was qualified for full benefits by time I was 25? How is that fair? 

A bit of a ramble but as you can see it all comes full circle. 

909Jeff
909Jeff

HA! I guess perception is reality.

And we perceive things differently! Keep the articles coming! 

Dennis Romero
Dennis Romero

Heritage Foundation, ug. The research arm of the Republican Party. At least my friend David is an independent journalist. By us I meant Americans.

Sorry to let the facts get in the way of an argument.

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