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California’s tax revenue drops 33.5 percent exposing Sacramento’s delusion
examiner.com ^ | August. 20, 2012 | Kimberly Dvorak

Posted on 08/21/2012 8:13:32 PM PDT by Free ThinkerNY

Revenue from Consumer sales fell a whopping 33.5 percent or $475 million, further demonstrating a severe reality check for the Golden State’s recovery plan.

Decades of poor leadership from the state capital have contributed to an unsustainable yearly budget which means California voters must either substantially raise taxes or cut, cut, cut.

All the accounting gimmicks have failed, Obama’s stimulus dollars only postponed the inevitable, Facebook’s shares have crashed, taxpayers haven’t approved a tax hike in the past few elections as their wallets are empty, the high-speed train to nowhere will only add to the state’s budget crisis and now the nation’s leading credit industry Moody’s will make it official by bludgeoning municipal credit worthiness.

The new report from State Controller John Chiang pointed out that California’s July sales tax revenue was down 33.5 percent from estimates that supported the just passed state budget.

(Excerpt) Read more at examiner.com ...


TOPICS: News/Current Events
KEYWORDS: california; deficit; sacramento

1 posted on 08/21/2012 8:13:35 PM PDT by Free ThinkerNY
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To: Free ThinkerNY

Thus, California needs to cut all of their year-to-year expenses by 33.5 % to live within their means.


2 posted on 08/21/2012 8:15:43 PM PDT by Graewoulf ((Traitor John Roberts' Obama"care" violates Sherman Anti-Trust Law, AND the U.S. Constitution.))
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To: Graewoulf

End all payments to illegals.Then cut state employees and the budget by 40%. Then get down to the real cutting.


3 posted on 08/21/2012 8:23:20 PM PDT by samadams2000 (Someone important make......The Call!)
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To: Free ThinkerNY

And Hollywood leaving the state for tax reasons.


4 posted on 08/21/2012 8:25:41 PM PDT by TigerClaws
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To: Free ThinkerNY
We buy nothing that isn't absolutely necessary..

We refuse to feed the government beast if at all possible.

It will be interesting watching government employees attempt to survive confiscating money from illegals making 8 bucks an hour. .

We plan on holding a party when state government eventually collapses under it's own obese corruption.

5 posted on 08/21/2012 8:31:47 PM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: Free ThinkerNY

Where’s Chainsaw Al when you need him?


6 posted on 08/21/2012 8:35:20 PM PDT by Jack Hydrazine (It's the end of the world as we know it and I feel fine!)
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To: Free ThinkerNY
And just to show how clueless Californians are, they recycled Governor Moonbeam to lead them over the cliff. Honestly, Northern California should have seceeded long before this, when the southern part of the state started stealing its water.
7 posted on 08/21/2012 8:43:34 PM PDT by txrefugee
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To: Free ThinkerNY
Yet that will not derail Jerry's Fast Train

Oh, going nowhere, except on a fast train
Oh, trying to get away from the past
Oh, keep on moving keep on moving on a fast train
Going nowhere, across the desert sand, through the barren waste
On a fast train going nowhere
On a fast train going nowhere

8 posted on 08/21/2012 8:43:46 PM PDT by Michael.SF. (Romney was right about the Olympics, but neither the Brits or the Dems will admit it.)
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To: txrefugee
Hey!

San Francisco steals their water from Yosemite, so they have no dog in that hunt.

9 posted on 08/21/2012 8:45:57 PM PDT by Michael.SF. (Romney was right about the Olympics, but neither the Brits or the Dems will admit it.)
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To: Free ThinkerNY

That’s nothing, wait until they raise taxes.


10 posted on 08/21/2012 8:49:45 PM PDT by Huskrrrr
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To: Jack Hydrazine

Now that’s a blast from the past. I remember him well from when I was on wall street.


11 posted on 08/21/2012 8:57:23 PM PDT by edboock
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To: samadams2000

And BULLCRAP MULTI-BILLION $$$ HIGH-SPEED RAIL projects for illegal alien commuters.


12 posted on 08/21/2012 9:13:26 PM PDT by GeorgeWashingtonsGhost
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To: Free ThinkerNY

How about no government pension starts paying out until age 68? Nah, it makes too much sense not to pay retirement benefits until someone has actually reached retirement age. Might as well keep paying them full salary to sit around with their thumbs up their derrieres (or to take another gooberment job while being paid full retirement). It’s worked so well thus far.


13 posted on 08/21/2012 9:15:38 PM PDT by Trod Upon (Obama: Making the Carter malaise look good. Misery Index in 3...2...1)
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To: Free ThinkerNY

Going Gault in californication? They deserve every bit.The conservatives better un-ass that state and quick.


14 posted on 08/21/2012 9:17:30 PM PDT by HANG THE EXPENSE (Life's tough.It's tougher when you're stupid.)
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To: dragnet2

Good for you.


15 posted on 08/21/2012 9:18:33 PM PDT by HANG THE EXPENSE (Life's tough.It's tougher when you're stupid.)
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To: Free ThinkerNY
“With tax revenue plummeting and the state already having the second-lowest rated credit in the country, if the independent credit rating agencies downgrade the state to ‘junk bond,’ California will be short up to $18 billion and default." Once this happens I'll have to convert my US dollars to drachmas
16 posted on 08/21/2012 9:30:29 PM PDT by dc27
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To: Free ThinkerNY

Romney should use this as an example of what happens when you raise taxes.


17 posted on 08/21/2012 9:30:41 PM PDT by jb729
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To: Free ThinkerNY
Decades of poor leadership

They are all deluded like Obama. They believe the more money they spend, the more money will come in, as part of their "you didn't build that" mentality.

18 posted on 08/21/2012 9:35:16 PM PDT by Moonman62 (The US has become a government with a country, rather than a country with a government.)
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To: Free ThinkerNY

Two ideas to reduce spending without sacrificing anything:

1. There are 512 state commissions in California. Eliminate 500 of them... (I’d say eliminate all of them, but it will be fun watching them go at each other to grab one of the few slots).

2. We have too many non-teaching positions in education. In my city, we have:
- Local School District
- County School District
- State Board of Education
- State Department of Education
and then, of course, we have the federal Department of Education.

None except the local school district has teachers in classrooms. Let’s eliminate those and then come talk to me about dropping teachers.


19 posted on 08/21/2012 9:52:37 PM PDT by MS from the OC (Obama taking credit for killing OBL is like Nixon taking credit for landing on the moon, John Bolton)
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To: Free ThinkerNY
California needs to cut all of their year-to-year expenses by 33.5 % to live within their means.

Business as usual.
Budget expenses are estimated low and always increase, based on estimated revenue, which is always estimated high, and is always less.

Nothing short of replacing the entire legislature, the bureaucracy and the courts can save the dysfunctional pervert state.

20 posted on 08/21/2012 9:57:12 PM PDT by publius911 (Formerly Publius 6961, formerly jennsdad)
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To: Free ThinkerNY

surprise surprise surprise


21 posted on 08/21/2012 11:27:15 PM PDT by Nifster
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