Skip to comments.From June 11, 2012: S&P: California Can't Afford to Bungle Budget
Posted on 02/21/2014 6:34:20 PM PST by BenLurkin
S&P is keeping a close eye on budget gimmicks that the state has tried to use to paper over problems. Petek says that the most populous state in the country, with an economy the ninth largest in the world, already is overly reliant on personal income taxes and that the states tax structure is behind the deficit, because it over relies on the personal income tax as its source of revenue.
He adds that for California to rely on capital gains tax revenue from things like the Facebook initial public offering is like looking for change in the seat cushions.
Already, California has seen a migration of upper bracket taxpayers out of the state. It has the worst credit rating out of all 50 states at single A minus.
Brown has backed steep cuts to social, health and welfare programs, and is asking state voters to approve a ballot measure this November that would hike the state's sales tax as well as personal income taxes on the wealthy.
(Excerpt) Read more at foxbusiness.com ...
California, Taxing it’s way to prosperity
It is certainly one of the reasons I left
Illinois’ rating was also A- last i heard.
Of course they had the inestimable help of Barrack ‘The Debtor’ Obama.
“Brown has backed steep cuts to social, health and welfare programs, and is asking state voters to approve a ballot measure this November that would hike the state’s sales tax as well as personal income taxes on the wealthy.”
I believe the part about hiking taxes but the steep cuts I’m sure are B.S.
Lieberals and leftists never learn the lesson that levying greater taxes does not yield more revenues. Factual evidence means nothing to them. Its lunacy through denials and lunatics vote and also run the halls of Sacto. Enjoy the rude awakening Kookifornica.
State taxes ping.
What happened to that so called California surplus we heard about last year?
AHHH, a repost.
Yet Dems took over CA since then and crushed any opposition to raising taxes.
Sure, they did raise sales tax on poor and middle class (and obviously upper incomes) but they ended the endless budget crises of not being able to pay the bills.
Lets see how it plays out in long run.