California’s tax revenue drops 33.5 percent exposing Sacramento’s delusion

examiner.com ^ | August. 20, 2012 | Kimberly Dvorak

[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.

[Nifster]

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