Skip to comments.California Tax Officials Stunned by Latest Revenue Decline
Posted on 01/13/2013 5:57:05 AM PST by ReformationFan
Golden state leaders expressed shock and dismay today when the State Treasury announced that income tax revenues for the last quarter had dropped to near zero in spite of a recent increase in the effective income tax rate to 100%.
"This is not possible" said a visibly shaken Governor Jerry Brown as he sunbathed under a full moon at the state capitol. "Before every one of the umpteen-odd times my administration has raised taxes, we've commissioned studies by prestigious universities on the potential effects. Each of those studies concluded people really don't care about tax rates and that quality-of-life issues, like being able to sing Kumbaya on the beach while stoned, are more important to the public. Every single one of those studies predicted revenues would go UP after we increased taxes, but every time they fell. It simply doesn't make sense - studies by prestigious universities are never wrong."
Brown said he would propose commissioning a study by a prestigious university to study the previous studies by prestigious universities.
New state treasurer and former theatrical producer Max Bialystock was particularly alarmed at the latest figures. "Our projections were for one trillion dollars in revenue this quarter and every penny of that has been allocated already: 100% for the teachers pensions, 100% for the state employees pensions, 100% for the governor's pension, etc, etc. Requiring one trillion dollars and collecting zero dollars puts us in a big hole - I don't have the exact figures in front of me but I'm sure it's a lot."
(Excerpt) Read more at thepeoplescube.com ...
I thought the article about Kalifornia running a surplus was satire.
Well, so much for this:
Jerry Brown predicts California budget surplus by end of next year
After years of red ink, Gov. Jerry Brown said on Thursday that Californias $96.7-billion general fund is now poised to end next year with a surplus, thanks to years of deep budget cuts and billions in new taxes approved by voters last year.
“We achieved the position we’re in because of tough cuts ... and then the people voted for taxes,” he said. “We broke the logjam by going to the people.
CLICK ABOVE LINK FOR THE REST...
Indeed that’s what taxes are all about in Ca.
100% for the teachers pensions, 100% for the state employees pensions,
They aren’t running anywhere near to a surplus......Brown’s euphoria recently was over a planned budget and expected revenues. None of the actual bills and the legislature’s additional spending initiatives have come in yet.
When the legislature, counties, cities and towns get wind of Brown’s idyllic projections, they’ll go very very heavy on additional expenditures with “down the road” payback.
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