Raising Taxes In California Was The WRONG Thing To Do

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By Chriss W. Street​

California State Controller John Chiang has announced that total state revenue for the month of November 2012 fell $806.8 million, or 10.8%, below budget.​

Democrats thought they could hammer “the rich” by convincing voters to pass Proposition 30 to create the highest state income tax in the nation. But it now appears that high income earners have already “voted with their feet” by moving themselves and their businesses out of state, resulting in over $1 billion shortfall in corporate and income taxes last month and the beginning of a new financial crisis. ​

Passage of Proposition 30 set off euphoria and expectations of higher spending for public employees. The California Teachers’ Association (CTA) trumpeted: "California students and working families won a clear victory today as voters clearly demonstrated their willingness to invest in our public schools and colleges and also rejected a deceptive ballot measure aimed at silencing educators, other workers and their unions.”​

Read more: http://nation.foxnews.com/california/2012/12/08/despite-tax-increases-california-revenues-freefall#ixzz2EVUxmWoC​

 

The WRONG raised taxes?

I'm certain it's wrong to say that about the WRONG, especially if the WRONG here's about it...as it upsets them...and then the staff has to use tranquilizers just to settle 'em down, and keep them from hurting themselves or others.

'Cause they're coocoo (twirls finger beside head)...loony tunes....wackos....straight jacket numbnuts....Texan politicians....etc.

 

If the geniuses at Breitbart (the actual source of this story) are so sure that rich people are leaving California, which is what the full story is implying, why is it all implication rather than actual evidence? The story makes a big deal of the fact that revenue for the past month fell below estimates, but guess what it doesn't tell us?

The fact is that tax revenue for the month of November 2012 in California is up 10% over November 2011.

This story appears to be completely devoid of meaningful content, but then I don't expect much (aside from distortion and lies) from sources like Fox News and Breitbart. That's why I did my own research on this topic.

 

Well, to be fair, this is Breitbart.com and well enough said.

 

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The following information was released by the California Controller.

State Controller John Chiang today released his monthly report covering California’s cash balance, receipts and disbursements in November 2012, showing total revenues were $806.8 million below (-10.8 percent) projections contained in the 2012-13 State budget.

“November’s disappointing revenues stand in stark contrast to recent news that California is leading the nation in job growth, has significantly improved its cash liquidity to pay bills, and even long-distressed home values are starting to inch upward,” said Chiang. “This serves as a sobering reminder that, while the economy is expanding, it is doing so at a slow and uneven pace that will require the State to exercise care and discipline in how its fiscal affairs are managed in the coming year.”

Personal income taxes in the month of November were down $842.5 million (-19.0 percent). Some of the tax revenue associated with Facebook shares came in during the month of October, while budget planners had projected receiving those funds in November.

Corporate taxes were down for the month, coming in $187.8 million below (-213.4 percent) projections. A portion of this drop was due to higher than expected corporate tax refunds going out in the month of November. Totals for sales taxes were up $99 million (3.8 percent).

The State ended the last fiscal year with a cash deficit of $9.6 billion. As of November 30, that cash deficit totaled $24.9 billion and is being covered with $14.9 billion of internal borrowing (temporary loans from special funds), and $10 billion of external borrowing.

For more details on today’s report, read November 2012′s financial statement and summary analysis.

http://www.oc-breeze.com/2012/12/07...es-10-8-below-budget-projections-in-november/

http://www.sco.ca.gov/Files-EO/fy1213_nov.pdf

 

Here is what an earlier proponent of spending into prosperity wound up saying
"We have tried spending money. We are spending more than we have ever spent before and it does not work. And I have just one interest, and if I am wrong … somebody else can have my job. I want to see this country prosperous. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promises. … I say after eight years of this Administration we have just as much unemployment as when we started. … And an enormous debt to boot." Henry Morgenthau, Jr.