Skip to comments.California tax revenue $3 billion less than target
Posted on 05/02/2012 7:34:19 PM PDT by DeaconBenjamin
The legislative analysts office has a new number that is adding to Californias financial headache: $3 billion. Thats the total amount that tax revenue has lagged behind goals set by Gov. Jerry Browns administration in the current fiscal year.
The shortfall was detailed in a report released on Tuesday by the nonpartisan office, which provides budget advice to lawmakers.
Much of that gap comes from a disappointing April, the most important month for income taxes. Income taxes were $2.07 billion short of the $9.43-billion goal, and corporate taxes fell $143 million short of an expected $1.53 billion, according to the report.
When April's poor results are tacked on to earlier shortfalls, the state has fallen about $3 billion behind tax goals, the LAO said. The ratings agency Standard & Poor's already cautioned Tuesday that poor tax revenue was imperiling California's financial recovery.
It's unclear exactly how much this year's budget deficit will grow because of the tax shortfall. Brown's administration estimated the gap at $9.2 billion in January, but has since said it will grow.
"The number is going to be larger," said H.D. Palmer, a spokesman for Brown's Department of Finance. "Were going to have a plan to close that gap when we release the May revision," the updated budget proposal that is expected by May 14.
(Excerpt) Read more at latimesblogs.latimes.com ...
No problem; just increase tax rates/sarc.
and even though voters passed a Constitutional amendment to stop paying lawmakers if the budget is not balanced, they will still get paid.
It will be “deemed” balanced I guess.
Now look what Apple computer has done.
As a life-long Californian, I am reveling in the financial trouble Bastard Brown is in, because he’s the one who set the wheels in motion for this disaster when he was Boy Governor thirty years ago. As the campaign signs used to say “If It’s Brown, Flush It!” I hope the SOB has a heart attack and dies in office. He’s the most worthless POS to ever draw a breath. Now, ask me what I really think.
They are going to squeeze blood from the turnips, huh?
California is run by idiots.
The more they demand, the less they get and the more long term damage to California’s businesses/tax base is done. Businesses and wealth people that leave the state leave for good to put down roots somewhere else that doesn’t want to punish them for being productive and good citizens.
So, you think Brown is doing a sub-par job as governor?
They don’t understand the people have to have an “income” in order to pay “income taxes.”
“They are going to squeeze blood from the turnips, huh?”
Why, by TAXING THE RICH PEOPLE, STOOPID!!!
(Which means the Working Poor and Middle Class, of course)
Well, THAT was unforeseeable and unexpected.
No problem. Start drilling for oil.
Good news. The CA government must be deprived of income. What we need to see is some real pain. Then, they will be like a Heroin addict going through withdrawal. They must hit rock bottom before they can admit to a problem and begin to take the steps to cure their addiction. And Uncle Sam cannot be the enabler by feeding the addiction.
The Leftist billionaires and mega millionaires need to feel some pain and blowback from the restless underclasses and union parasite classes. What we need to see a fracture of the Leftist coalition; a war between the union parasites, the enviros, welfare parasites and the Leftist moguls. After they have destroyed each other, the entrepreneurs and investors can come in and carpet bag the state.
>> No problem; just increase tax rates...
Yeah, that, and cook up some pretext to shut down every U-Haul truck and trailer rental outlet in the state. :-)
I thought the tax from the Facebook IPO was going to save the day ... apparently Californicate is not going to get 5 or 6 billion on a 5 billion dollar IPO. Oh well, can probably just raise taxes on movie stars, public employees, unions and any business (that hasn’t left) ... as these will be the only people with any money!
No, they will never give up. Next step they will be coming to your door demanding you pay them tax on your garage sale transactions, claim you owe them on internet transactions (they are already doing this) and pay up on those girl scout cookies you bought and paid no tax on. I could see them hauling a few people off to jail just to make a point.
Proving once again what happens when you tax the crap out of something. Duh, Jerry.
You’re trying to be funny, right?