California Income Tax Rates 2013 and Beyond, Highest Taxes in America

California Income Tax Rates Highest in America by Chris Banescu –
Following the passage of Proposition 30 in November 2012, California’s income tax rates have reached an astronomical 13.3% rate. Not only does California now have the most progressive income tax rates of all the states, individuals begin paying an 6% rate at $27,898 and an 8% rate at $38,727 in income, but it now surpassed Hawaii (11% top rate) as the state with the highest income tax rate in America.

According to a 2013 survey from Chief Executive magazine California’s business climate ranks dead last among all 50 states. Is it any wonder that so many companies, corporations, and high income individuals continue to flee California and relocate to other states?

Proposition 30 raised income tax rates for all Californians earning more than $250,000 per year. It progressively increased tax rates from 1% to 3% for all individuals and families earning above that level. Higher income households now face a 10.8% to 29.1% increase in overall tax rates. [Read more…]

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Top State Income Tax Rates for All 50 States

Top State Income Tax Rates Americaby Chris Banescu –
The Tax Foundation has released a comprehensive graphic that summarizes the top state income tax rates for all 50 states. It provides a very clear picture of the tax situation across the United States. The chart is reproduced below.

California (13.3%), Hawaii (11%), and Oregon (9.9%) have the highest marginal tax rates in America. Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming, on the other hand, are the only seven states with no income tax.

The Tax Foundation, a non-partisan, non-profit research organization that has monitored tax policy at the federal, state and local levels since 1937. [Read more…]

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Cronyism Undermines the Beneficial Role of Business in Society

Cronyism Undermines Capitalism and Free Markets by Sam Patterson –
The role that business plays in society is straightforward – businesses produce goods and services that people consider beneficial. If a business can do that while wisely using resources, it makes a profit. Successful businesses benefit society by producing goods or services which improve people’s lives, and are then rewarded with profit. Those profits enable businesses to innovate or offer more goods and services, further improving people’s lives. Businesses must cater to the needs of society or they will find that they are not rewarded with profit and may well no longer exist.

At least, that’s how it works in a free market. There is another path for businesses to make profit other than providing valuable products. It’s called cronyism. Cronyism occurs when a business colludes with government officials to create unfair legislation and/or regulations which give them benefits they could not have otherwise obtained voluntarily. [Read more…]

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Seeing Yourself as Others See You Key to Being a Great Leader

Seeing Yourself as Others See Youby Linda Hill & Kent Lineback –
Becoming a great boss required courage — in particular, the courage to find out how others see you. Almost certainly, others’ perceptions of you will differ in important and perhaps disconcerting ways from your self-perceptions.

This is an important topic. It’s not about being liked or popular, as some assumed in reading our previous blog. It’s about your ability to exert influence, which is your major task as a manager. If you don’t know how your words and actions are perceived and understood, if you don’t know if others trust you (and if they don’t, why not), if you don’t know what others want and expect from you, how can you exert the influence you want?

The problem is, how do you find out? … Simply asking is unlikely to produce a true or complete answer. As the boss, you will often have trouble finding out the truth about anything, especially when it’s negative or problematic. Even if you’re trusted, people are still aware you hold the keys to promotions, pay, and choice assignments. And if you’re not trusted, why would anyone tell you the truth?

Though there are no simple solutions, we can offer some guidelines: [Read more…]

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Relying On Customer Trust To Help You Weather A Tough Economy

Customer Trust Customer Service Key to Successby Don Peppers –
You’ve probably heard the joke: Two hunters confront a large grizzly bear. Their weapons misfire and the bear comes at them. The first hunter takes off running, but the second one pauses briefly to discard his hunting boots and put on running shoes. “Don’t waste so much time!” the first hunter yells over his shoulder, “Running shoes aren’t going to be enough to outrun that bear!” The second hunter, quickly catching up with his friend, replies “I don’t need to outrun the bear. I just need to outrun you!”

So now the question is: Do you have the right shoes to outrun your competitors? You might want to consider how well your customers trust you to act in their interest.

In tough times, buyers want to economize every bit as much as sellers do, so customers cut back, simplify, and search for reliability. Discount stores benefit as consumers look for bargains, but customer-oriented sellers also benefit, as customers seek out businesses they can trust. [Read more…]

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Superpower Role Reversal And The Flat Tax Miracle

Russia Flat Tax Capitalism Freedomby Jeff Haden –
While the U.S. punishes millionaires, Russia and China reward them. In the upside-down era of Barack Obama, the capitalists act like communists and the communists act like capitalists.

Our multimillionaire president frowns on “millionaires and billionaires” and soaks them with higher taxes. But Russia loves them and even offers refugees of high-tax countries asylum.

Last week, the Kremlin, once headquarters of the Evil Empire, granted millionaire French actor Gerard Depardieu Russian citizenship so he can avail himself of Russia’s 13% flat tax and avoid his home country’s proposed new 75% supertax on millionaires. [Read more…]

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Motivating Employees: 7 Things Great Bosses Do

Things Great Bosses Doby Jeff Haden –
Great bosses do these things. The rest don’t–because these simple gestures would never occur to them.

Where employees are concerned, great leaders don’t take. Great leaders give–especially these seven things:

1. They give a glimpse of vulnerability.
To employees, you’re often not a person. You’re a boss. (Kind of like when you were in school and you saw a teacher at the grocery store; it was jarring and uncomfortable because teachers weren’t people. They were teachers.)

That’s why showing vulnerability is a humanizing way to break down the artificial barrier that typically separates bosses from employees. One easy way to break down that barrier is to ask for help. [Read more…]

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The Dirty Little Secret Of Overnight Successes

Secret Of Overnight Success by Josh Linkner –
As Chris Dixon pointed out in a recent blog postAngry Birds, the incredibly popular game, was software maker Rovio’s 52nd attempt. They spent eight years and nearly went bankrupt before finally creating their massive hit.

James Dyson failed in 5,126 prototypes before perfecting his revolutionary vacuum cleaner. Groupon was put on life support and nearly shut down at one point in its meteoric rise.

When looking at the most successful people and organizations, we often imagine geniuses with a smooth journey straight to the promised land. But when you really examine nearly every success story, they are filled with crushing defeats, near-death experiences, and countless setbacks. [Read more…]

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California Faces Large Tax Increases with Propositions 30 and 38

California Tax Increases by Chris Banescu –
California taxpayers, already paying some of the highest income and sales tax rates in the country, will face even higher taxes this November. If California voters approve Propositions 30 and 38, the state Sales Tax rate will rise to 7.5% and the Income Tax rates paid by individuals and families at all income levels will rise significantly, with higher income taxpayers having to pay an astronomical 15.5% tax rate.

Proposition 38 will raise income tax rates for all Californians earning more than $7,316 per year. It will increase tax rates from 0.4% to 2.2% across all income levels above that limit. This represents a 17.5% to 20% increase in overall tax rates for low and middle income taxpayers and a 17.2% to 21.4% increase for higher income households.

Proposition 30 will raise income tax rates for all Californians earning more than $250,000 per year. It will progressively increase tax rates from 1% to 3% for all individuals and families earning above that level. Higher income households will see a 10.8% to 29.1% increase in overall tax rates. Prop 38 also raises the state sales tax rate to 7.5% from the current 7.25% for everyone. [Read more…]

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Franchisors Warn Obamacare Will Halve Profits

Franchisors warn Obamacare will halve profitsby Paul Bedard
The International Franchise Association held a convention in Washington this week where most of the Radio Shack, Dunkin Donuts, Curves and other franchisers were grumbling about new federal regulations, especially the impact of Obamacare.

Most, said Atlanta Taco Bell and Kentucky Fried Chicken franchiser David Barr, presumed that the reports about how hard Obamacare will hit them were overblown. “They had their head in the sand,” he told Secrets.

That is until he pulled out his powerpoint showing how funding Obamacare will cut his –and likely their– profits in half overnight. [Read more…]

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Ten Success Principles to Remember

Keys to Success Ten Principles to Remember Listed below are ten principles of success to always remember. These are ideas many of us already know or have seen elsewhere. We often need to be reminded of important lessons we’ve already discovered but quickly forget.

  1. There is no progress without action. What is not started today is never finished tomorrow. Some of the greatest ideas never made it. Why? Because the genius behind the idea failed to take action. So take action now and begin to move in the right direction. Once you get started every step afterwards gets easier and easier. Eventually, what had once been invisible, starts to become visible, and what once felt unattainable, starts to become a reality.
  2. You must believe you can. It all starts with a dream. Add confidence, and it becomes a belief. Add commitment, and it becomes a goal in sight. Add action, and it becomes a part of your life. Add determination and time, and your dream becomes a reality. [Read more…]
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Five Myths About Free Enterprise

Free Enterprise Free-Markets Ethical Capitalism by Arthur Brooks –
The 2012 presidential campaign is shaping up to be a battle of two economic philosophies. One favors a greater redistributive and regulatory role for the government; the other prioritizes the values of free enterprise, including private property, individual liberty and limited government. Given the economic hardships the United States has endured in recent years, it is tempting to conclude that free markets are no longer best for us — but that would misread our history, and buy into myths about the impact of free enterprise.

1. Free enterprise hurts the poor.
The Occupy Wall Street movement of 2011 and plenty of politicians would have us believe that the free-market system is a contest between the ultra-rich and everyone else (the “99 percent”). But in fact, there never has been a greater force for helping the poor than free enterprise. [Read more…]

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