Skip to comments.Falling corporate profits gouge a wider hole in California budget
Posted on 04/15/2008 9:00:01 PM PDT by BurbankKarl
SACRAMENTO -- California's budget problems deepened today as the state reported that tax receipts plummeted nearly $1 billion last month due to plunging corporate profits.
The news comes as the state moves closer to the July 1 deadline for lawmakers to close California's budget gap, which had earlier been estimated at $16.5 billion. There is little agreement in the Capitol about how to go about doing that.
Democrats have been calling for multibillion-dollar tax increases. Republicans have signed pledges vowing never to vote for new revenue, demanding instead that the budget be balanced with steep spending cuts.
Corporate taxes alone came into the state at $869 million below what was forecast in Gov. Arnold Schwarzenegger's budget, released in January. Overall, revenue was down $912 million for the month.
(Excerpt) Read more at latimes.com ...
How long before the call to repeal prop. 13 starts?
Somebody remind me again why I want to live here?
Which would, of course, drive businesses and taxpayers out of state.
(As a member of the latter group, I'm looking for an excuse to leave the once-Golden State. Dems of the Calif Legislature, raise my taxes, PLEASE!)
Democrats have been calling for multibillion-dollar tax increases."
See the above facts. It should be obvious to any moron (Democrats excepted) that when corporate profits fall, and personal income falls, then tax increases will not help matters but will worsen them.
While I will excuse the Democrats for not having brains or common sense (it's something in the water they drink), I cannot excuse the journalist.
This is not rocket science.
Of course, let's not forget that this is the LA Times.
California’s budget IS a “hole”, and it doesn’t have a bottom.
50-50 odds the next governor, will end Prop 13.
And even that won’t help.
Cool! My above post was my 11,000th. I knew I was getting close, and that was it!
with all the liberal federal judges in california (clinton appointees), any ballot initiative that attempts to deal with payouts and government programs for illegals is doomed to fail.
“If duties are too high, they lessen the consumption; the
collection is eluded; and the product to the treasury is not
so great as when they are confined within proper and moderate
bounds. This forms a complete barrier against any material
oppression of the citizens by taxes of this class, and is itself
a natural limitation of the power of imposing them.”
— Alexander Hamilton (Federalist No. 21, 1787)
Reference: The Federalist
I remember when folks dreamed of living in California. Trouble is too many are trying to live that dream. I wish I could have seen it when it was still in it’s heyday.
Yup. Raise taxes. People and corporations leave. Raise taxes, more leave. Raise taxes again, more leave... Liberals are incredibly stooopid.
“My above post was my 11,000th. I knew I was getting close, and that was it!”
That means you’re:
1) An oldtimer.
2) A bigmouth.
By the way the odometer on my Corolla went over 57,000 at 3:14:42 PM on January 4, 2008!
I believe California budgets ~$43 Billion for K-12 schools. Just get the school system off the government dole, and turn it over to the private industry.
I'm sure the education system will improve (its hard to imagine it getting any worse).
No free ride for non-citizens.
The schools no longer become a dumping ground for kids who don't want to attend school (I'm sure private industry can tailor products, such as schools that emphasize 'trades', that might interest those who have no desire in going through the K-12 experience).
With the savings we can completely eliminate property taxes (Proposition 13 was a good start in containing property theft by the government -- but it still does not uphold the concept of private property, since one's house can be taken if they fail to pay their property tax).
AND, we can stop the public funding of a union that promotes socialism and class divisions...
It's not going to happen - but whenever I see one of these California budget posts, I'll gladly attach my gratuitous 'privatize the schools' comments.... It's my version of 'I have a Dream'...
Let’s see. In order to alleviate its financial situation, California could probably pare down its endless list of agencies by about a third, maybe more. It could also institute a hiring freeze, and instruct its remaining agencies to make do on, say, five percent less than last year’s budget.
Naw. Better to just soak the population again, as usual ...
HA HA HA HA, California!
Remember Schwarzenegger’s promise when was elected? He was going to “bring the businesses back to Cal-ee-for-nee-ya”?
Business doesn’t like places with sucky, Marxist nanny governments, Ahnold.
Arnold + Politics = Fail
I pity the last taxpayer to leave California. His tax bill will be $145 billion.