PLACERVILLE, CALIFORNIA

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Runner: 1% pay 50% of income taxes

By From page B1 | July 08, 2013

SACRAMENTO – George Runner June 14 issued the following statement in response to the Legislature’s approval of a budget:

“The Legislature should be commended for approving an on-time budget and exercising some measure of restraint.

“However, the success of this budget hinges on the decisions of a very small number of overtaxed Californians, their continued presence in California and their success in the stock market.

“According to the Franchise Tax Board, the highest 1 percent of income earners will pay more than $2 billion less in 2013 than 2012. That’s not surprising. A recent survey found 75 percent of affluent Californians are planning actions to reduce their tax liabilities — and a quarter are considering moving out-of-state.

“It’s troubling that the volatile personal income tax accounts for 63 percent of budget revenue. Just 1 percent of California taxpayers now provide nearly half of all income tax payments the state receives.

“You can’t tax your way to prosperity. To create true budget stability, California must attract jobs and investment to our state rather than drive them away.”

Elected in November 2010, George Runner represents more than nine million Californians as a member of the State Board of Equalization. For more information, visit www.boe.ca.gov/Runner.

George Runner

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