Number of Million dollar a year Californians up sharply

Jim Gibson who apparently thinks that funds for school children will appear magically if we slash taxes and slash teacher salaries might be shocked to know that as the number of his million dollar A YEAR friends increase dramatically the jobs they DON'T CREATE don't appear. I wonder why after all Gibson's God, Rush Limbaugh, says he never got a job from a poor person. Aren't the filthy rich job creators the way the Rush, the Republicans, and Jim Gibson say?

Of course not, we all know rich people don't create well paying jobs, only DEMAND creates jobs. If there is no demand, our rich friends are happy to keep every cent safe in their vaults. If there is demand, they pay as little as possible to the "servant" class, to meet that demand. But it is that demand that makes jobs. Nothing else.

Make the rich pay their fair share. Increase benefits and salary to what the billionaire bullies call the rabble or the "servant class" (folks like you and me), and we will spend the money to create demand. Silly billionaires strangling our wages strangles the economy and ultimately strangles their income.

To create demand their must be decent salaries and benefits. Only strong unions create high paying middle class jobs that make the demand. Jim Gibson and his rich friends don't get it. Never have, never will.

----------------------------
http://blogs.sacbee.com/capitolalertlatest/2012/01/californians-with-million-dollar-incomes-up-sharply.html
January 11, 2012
Number of Californians with million-dollar incomes up sharply

The number of Californians reporting incomes of more than $1 million increased sharply last year, as did their share of the income stream, a new report from the Franchise Tax Board reveals.

The new data will fuel the political debate over whether high-income Californians should pay higher taxes.

There were 10,000 taxpayers in the million-dollar income club during the 2009 tax year -- just one-third of one percent of all returns -- but that number jumped 27 percent to more than 13,000 for 2010, based on tax returns filed in 2011.

The income millionaires reported adjusted gross incomes of $22.4 billion in 2009, an average of $2.2 million each. In 2010, the total jumped 30.2 percent to $29.1 billion, with the average remaining virtually unchanged.

Those increases were by far the largest of any income group, the FTB said, while that group's share of all adjusted gross income increased from 3.7 percent in 2009 to 4.5 percent in 2010, while its share of taxes jumped from 9.5 percent to 11 percent.

The top 1 percent of income taxpayers, about 140,000 returns with incomes averaging $1.1 million in 2009, saw their share of personal incomes drop sharply during the recession years, from a high of 25.2 percent in 2007 to just 18.4 percent two years later. Their income tax burdens also dropped, from 48.1 percent of the state's total in 2008 to 36.9 percent in 2009 -- a decrease that hit the state budget, which is largely dependent on income taxes, hard.

The 2010 data indicate that the wealthy are rebounding, which explains the recent surge in state revenues, but how extensive that recovery will be is the source of great controversy, especially the varying revenue estimates of the Brown administration and the Legislature's budget analyst. Gov. Jerry Brown also hopes that voters will agree to impose income tax surcharges on the highest income Californians this year.

Categories: California by the Numbers, State budget

Read more here: http://blogs.sacbee.com/capitolalertlatest/2012/01/californians-with-million-dollar-incomes-up-sharply.html#storylink=cpy