Posted on 05/07/2010 12:31:55 PM PDT by SmithL
Good call, CPA.
Anymore, the states and their legislators are kept up to date at least monthly on revenues.
My brother-in-law is a state assemblyman in Nevada on Ways and Means. Trust me these guys are doing the numbers daily. Nevada legislature meets every two years. They needed a special meeting after 9 months to cut $900 million from the two year budget they passed. They know that the next two year budget, scheduled to be passed the first part of 2011, will be $1 billion less than this one.
Not less than projected. Less revenue than the past two years. They know this today.
yitbos
Oh, higher taxes on SOME people are needed, alright. All that’s been proven so far is that raising rates on marginal incomes has failed. We haven’t tried lowering marginal tax rates while expanding the base so it includes all the freeloaders. Go from ‘progressive’ taxes to ‘regressive’ taxes. Let’s see how that works.
Currently, the marginal income tax rate in CA in almost 10% and the state portion of the sales tax is over 8%. But if we applied taxes to the first dollar of income or to all retail sales including services, with nothing excluded or credited or deducted, we could reduce both income and sales tax RATES to 3% each and the corporate rate to ZERO and it would raise more tax revenue while NOT driving the high earners and businesses out of the state.
If we cut off all services to illegal aliens and their anchor babies, and renegotiated public employee pensions to match private sector benefits, those rates could be lowered to 2% each.
I’d like to see ANYBODY defend how they can’t afford a total state tax burden of 4% of their income/spending.
Indeed. Do all that and we could lower our marginal income tax rate from 10% to a flat rate of 2%, while simultaneously lowering the sales tax rate from 8% (currently applied to only products and non-grocery food) to 2% (applied to all goods and services).
Everybody contributing 2% of their income and 2% of consumption sounds pretty reasonable to me, but what do I know ? I’m not a politician buying off voters, and I’m not a freeloading voter willing to BE bought off, so I’m not qualified to offer an opinion, I guess.
I’m betting that Obama’s going to use TARP money to bail out the states...again.
yitbos
It is only that simple if you have a flat rate tax. When you have a bunch of tax brackets and each of those is variable based on deductions, credits, and exemptions, it isn’t so clear any more.
Government should not have the power to tax people differently. Because as long as it has this power, and you lose the people that were preyed upon, you’ve lost them for a long time. They know they can’t believe any promises that they won’t become prey again, so they won’t move back.
CA should be the first state in the union to guarantee via its Constitution a fixed flat rate tax system. It needs to spell out the specific rates — like “no individual’s total state income tax burden will ever exceed 3%,” and the same for any sales tax rate.
MILLION would be bad enough...but BILLION is a Greek Tragedy in the making.
I will.
1) Affluent liberals are drying up the San Joaquin Valley to make it attractive to our southern neighbors in an effort to entice them out of their LA barrios, freeing up the clearer air along the coast for the better life.
2) The Magic Negro is decimating private banking, generating monthly savings interest rates that can't even cover the cost of a tank of gas.
3) The Congress has agreed to strip Medicare bare, leaving seniors to pay their supplemental medical expenses from the interest on their savings. The tab for Kaiser Senior Advantage requires a minimum of $250K at most bigger banks.
4) The Austrian Idiot is still promoting bonds my grandchildren will be saddled with for a transportation boondoggle based on 19th century technology. With politically mandated stops every 50 miles, maybe the Bullet should be equipped with regenerative braking, feeding the power via a third rail to produce the fuel for Arnie's Hydrogen Highway.
5) Lets no forget the locals. Dumping career criminals into the street on the last day of each month to offset public union benefits.
As Sergeant Schultz would say: "Very Interestink!!!"
Hay now!!! That’s a pretty danged good bad list!!! Your rants are beginning to look a little like some of mine and I sure liked your protest standing in for mine!!! Bravo!!! Encore!!!
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