Skip to comments.Taxifornia Lessons
Posted on 12/11/2012 7:38:45 AM PST by Kaslin
California revenue is up from a year ago. Unfortunately, California revenue is not up as much as expected, while spending is up way more than expected.
Please consider California Finances in November 2012 by state controller John Chiang.
November's tax receipts fell 10.8% short of expectations contained in the 2012-2013 State Budget, although they were above the year-ago level. Total revenues year to date are now 2.6% less than anticipated at this time, with shortfalls among all of the major sources.
Expenditures are 4.9% above estimates contained in the Budget, with assistance to local governments driving the overage.
Total revenues were $806.8 million below projections in November, with corporate taxes accounting for a significant amount of this divergence. Compared with a year ago, total revenues year to date were up by 2.5%, with an impressive gain in income taxes offset-ting shortfalls in the other revenue sources.
The difference between actual and estimated numbers is larger on the spending side. For the first five months of the fiscal year spanning July through November, actual disbursements exceeded projections by $2.2 billion, or 4.9%. Education and health care accounted for the majority of the difference.Here are a couple tables I put together from the report.
Fiscal Year 2012-2013 Revenue To-Date
|Revenue Source||Actual Jul-Nov Revenues||Estimates||Miss||Percentage Miss|
|Personal Income Tax||$18,905.90||$19,023.00||-$117.10||-0.615570625|
|Retail Sales and Use Tax||$7,921.50||$7,989.00||-$67.40||-0.844911754|
|Total General Fund Revenue||$29,665.80||$30,468.20||-$802.40||-2.633565488|
|Total General Fund Receipts||$31,333.40||$31,841.50||-$508.00||-1.595716282|
|Recipient||Actual Jul -Nov Disbursements||Estimate||Miss||Percentage Miss|
The mass exodus to Texas is already underway. Welcome to TexMexifornia.
Thanks for posting this...nice piece of work by Mike Shedlock.
No one could argue that California isn’t totally screwed up with over $167 billion in debt outstanding, a reckless state legislature, cities filing for bankruptcy, out of control unions calling the shots, Gov. Moonbeam pursuing his multibillion high speed train boondoggle, state over-run by illegal immigration....I could go on......the problems are endless here.....
The problem with all of this is that on a national level, the rest of the nation seems hell bent determined to follow our misguided path. Sacramento may have $167 billion debt
but Washington DC has over $16 trillion in debt. Yes CA did pass tax increases in November, but Washington is about to pass huge tax increases as well....the GWB tax rates are about to expire in just two weeks....plus there are are whole a bunch of new taxes contained within Obamacare.
Yes California is screwed up beyond belief.....what troubles me so much is that the rest of the nation is following our descent into hell, not learning from our mistakes.
When tax the rich does not work, it will be tax the middle class. Or as Howard dean now admits, everyone’s taxes will have to go up. Elections have consequences, enjoy.
Please don’t come to Texas, It will simply become California.
Thanks, Jerry Brown you chimp faced PO left wing S. Hope you and your union masters go very rapidly to a very hot place.
The problem with Californians leaving the state and going elsewhere is that even though they leave because things aren’t working right in California, so many of them end up demanding to transfer everything that is wrong with California into their new state. Nevada is a key example. It used to be a solid Red state. No more, between transplanted California and transplanted Mexicans.
Why would democrat voters flee to Texas? They're happy with the condition of California. Most of those who are moving are more likely republican californians.
(They can, however, copy the feds by selling bonds etc, so they do have SOME recourse. Not saying it's wise, just that it is one of the common escape routes.)
Same thing has happened to Virginia. Marylanders, quick to ruin their own state, took notice of the excellent schools, low taxes, and great quality of life in Northern Virginia compared to the cesspool of the Peoples’ Republic of Maryland. So they moved there. Soon after, they began demanding the same government services that they had before. Now, northern Virginia looks just like Maryland.
Wrong. Liberals never live in the world they create. They make the rest of us live there.
Socialism works until you run out of other peoples money...then it becomes California or on a grander scale..the USA and eventually the WORLD!
I have two CA tranplant neighbors and both families are very conservative. One is a Hispanic houshold and the other retired navy.
Leftist remind me of cancer, they just metastize and spread everywhere.
Just not enough of em, obviously.
Two problems with California
1. Most of them do not understand the concept of CAUSE AND EFFECT.
2. Most of them don’t care about anything until it hurts them personally, and I mean it has to hurt them a lot.
Nice weather. Good beaches. Lots of wine. Everyone’s cool. Lots of big boobs to distract you. Great entertainment.
That’s an illogical statement. Do you really think that the
Californians getting the free phones, EBT, free housing, free
daycare...the most of any state, are going to leave?
The people coming to Texas are small business owners and tax payers that don’t want to pay for the slackers any longer.
You should be welcoming the Californians that are coming to Texas. They’re not riding the wagon, they’re pulling the wagon.
The good news is that those in California earning $10,000 or less a year will, in time, be the new millionaires, for tax purposes.
Too late. This native Californian is already here, and I brought my wife, our four kids, and our Mom&Pop business with me.