The wealthy in California are being tested, in between the new federal taxes on the rich and those in California, they will pay a total of %51.90—at least those whose income will be above $1 million! Is it fair? No, it isn’t. Still, no one is predicting a run on Malibu mansions. In fact those in the know, whoever they may be, do not even foresee an exodus to one of the eight states with no income tax, like Florida. One can fairly assume that people in that income bracket will not change their life style, will not curtail their vacations, visits to four stars restaurants or usage of what they are currently consuming. Those same experts predict they may be more intent on using loopholes to pay as little taxes as possible, think through their next investments to perhaps minimize taxes, or even make adjustments to how they conduct their business. Imagine a tax increase of but 10% for most working class people, the many millions who live paycheck to paycheck or near it. They would have to adjust their spending accordingly and perhaps their standard of living. I’m left with the notion, erroneous as it may be, that taxing the rich affects their balance sheets but does not hurt them.