In January California projected a 9 billion dollar deficit. Today - the latest projection numbers just came in and they have now revised the deficit estimate - instead of 9 billion they are projecting 16 billion. Income tax revenues are dramatically down from the estimates - (sound familar - as we recently predicted the same for Wicomico's projected income tax revenue shortfall).
It is a short video of Governor Jerry Brown's disclosure today: http://video.cnbc.com/gallery/?video=3000090130
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
Joe - I have an instinctive feeling that with all of the new taxes CA imposed - the bulk of 'enlightened' taxpayers fled. That is partially why the income tax revenues have dramatically declined.
ReplyDeleteSame way when Maryland raised the sales tax rate from 5% to 6% the liberal democrats automatically thought that the revenues would increase 20%. What happened was that the sales tax collections actually went down here in Maryland. It is called 'Demand Destruction'.
POWERFUL VIDEO! Wow - that is really scary.
ReplyDeleteHow in the world could the Board of Budget Estimates be that much off. Holy cow - 7 billion dollars!
ReplyDeleteGive California back to Mexico.
ReplyDeleteUnfortunately & historically that's been the case. Why allow it, especially when they're so wrong? (the worst run state in the nation)
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