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Thursday, December 20, 2012

CA TAX REVENUES CONTINUE TO DROP DESPITE VOTER-APPROVED TAX INCREASES

Illinois raised our taxes to help pay bills. It didn't happen. They paid or paying on Pensions. Will they raise taxes again? Were still in debt! If Obama raises taxes  he won't lower the debt like he is saying, and anybody that believes it is an idiot! They will always raise taxes somewhere else! Californian's that voted this in are idiots to think it will work or help pay down CA bills!


On Tuesday, California released a report that revealed state tax revenues have plummeted even further below Gov. Jerry Brown’s (D) estimates, even after residents voted to increase taxes via Proposition 30 in November’s elections.

At the end of November, “taxes were 3% short in the fiscal year that started in July,” which is “a gap of $936 million.” The state was 0.7% short a month before. 
H.D. Palmer, a spokesman for the state's Department of Finance, spun the poor numbers by saying Facebook's stock vested earlier than expected, and “boosted October taxes higher, while decreasing November revenue.”
But the report found that tax revenues were below estimates nearly across the board, as total "year-to-date revenues are $936 million below the initial forecast."
According to the report, personal income tax revenues were “$827 million below the month’s forecast of $4.387 billion.” Sales and use tax receipts “were $9 million below the month’s forecast of $1.601 billion” and the year-to-date sales tax revenue was $8 million below forecast.
Not surprisingly, corporate tax revenues were also down, $175 million below the month’s estimate and year-to-date corporate tax revenues were $441 below estimate. 
As more of California's taxpaying residents and businesses flee the state due to its burdensome taxes and regulations, California's government loses out on their tax dollars. Meanwhile, the state government continues to spend more on various programs even as the state has fewer taxpayers to pick up its tab.


http://www.breitbart.com/Big-Government/2012/12/20/CA-Tax-Revenues-Continue-To-Drop-Precipitously-After-Residents-Voted-To-Increase-Taxes

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