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| Despite Tax Increase, California State Revenues in Freefall |
| 2012-12-08 |
| Caliphornia 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." |
| Posted by:tipper |
| #14 Funny, the LA area papers are ful of "happy talk" about how good things are going. |
| Posted by: Pappy 2012-12-08 23:37 |
| #13 Unfortunately California is out front in our financial meltdown. They are demonstrating what will happen next month after our loving government raises taxes on the wealthy. They will move their money and invest outside the US at a minimum or leave.... |
| Posted by: 49 Pan 2012-12-08 21:28 |
| #12 Frank G - Just remember how hard it was for many of our ancestors to leave the 'old country', where generations of them had grown up, to get away from the authoritarian looting class. ..and accordingly all experience hath shewn, that mankind are more disposed to suffer, while evils are sufferable.. |
| Posted by: Procopius2k 2012-12-08 21:08 |
| #11 I voted against it and it sucks. Guess I'll retire and move somewhere else. Been here my whole life. Fuckers |
| Posted by: Frank G 2012-12-08 19:24 |
| #10 Obviously a miscalculation in the rates, give 'em an upwards nudge of 4 or 5 percentum and off we go into paradise. |
| Posted by: Shipman 2012-12-08 18:37 |
| #9 I'm trying to find my picoviolin - honest, I am. Maybe if I vacuum the cat.... |
| Posted by: Barbara 2012-12-08 17:40 |
| #8 Unexpectantly! |
| Posted by: CrazyFool 2012-12-08 16:47 |
| #7 Oh gee wow.... what a shock. |
| Posted by: Spolutle Jones9403 2012-12-08 15:19 |
| #6 g(r)omgoru Hello!, We have an economics professor I won't say where who has the worst credit rating a person could have. Maxed out with his credit card to purchase a used vehicle but was declined. Another professor has a hybrid Honda just a couple years old and the motor is shot. They may be intelligent but extremely poor keeping basic maintenance done timely. |
| Posted by: Dale 2012-12-08 15:05 |
| #5 Despite? Income taxes are like fining people for driving fast. Only a leftist moron would be surprised that people drove less and drove slower. |
| Posted by: Bright Pebbles 2012-12-08 14:53 |
| #4 Doesn't these teachers' unions have some math teachers as members? |
| Posted by: g(r)omgoru 2012-12-08 14:27 |
| #3 The California Teachers' Association (CTA) trumpeted: "California students and working families won a clear victory today A victory over education and a future as an employable adult. |
| Posted by: Frozen Al 2012-12-08 12:56 |
| #2 Certainly |
| Posted by: Besoeker 2012-12-08 12:43 |
| #1 Pyrrhic victory - noun: a victory or goal achieved at too great a cost. Origin: Greek Pyrrikós; after a remark attributed by Plutarch to Pyrrhus, who declared, after a costly victory over the Romans, that another similar victory would ruin him. |
| Posted by: Procopius2k 2012-12-08 12:38 |