CA revenue declines after Prop 30 raising taxes

[miles]

CA revenue declines after Prop 30 increases taxes

The truth hurts. This is what the country can look forward to.
----------------------

After Proposition 30 passed on November 6, 2012, the State of California experienced a decline in the total state revenue for the month of November. California State Controller John Chiang reported that the total revenue for the month of November declined by $806.8 million, which is 10.8 percent below budget.

The State of California experienced a decline in its revenue as several of the high income earners have relocated to other states, and have also relocated their businesses out of state. This led to a decline in corporate and income tax revenues by more than $1 billion.

With the expected increase in revenue to be derived from the passing of Prop 30, state bureaucrats increased deficit spending beyond the state’s $6 billion annual tax increase. The Department of Developmental Services and the Department of Health Services increased its spending in November by over $1 billion in comparison to its spending last year.

As a result of the decline in tax revenues collected, and the increase in spending, California’s deficit increased to $27 billion for the first five months of this fiscal year.

 

[Shagly]

The truth hurts. This is what the country can look forward to.
----------------------

After Proposition 30 passed on November 6, 2012, the State of California experienced a decline in the total state revenue for the month of November. California State Controller John Chiang reported that the total revenue for the month of November declined by $806.8 million, which is 10.8 percent below budget.

The State of California experienced a decline in its revenue as several of the high income earners have relocated to other states, and have also relocated their businesses out of state. This led to a decline in corporate and income tax revenues by more than $1 billion.

With the expected increase in revenue to be derived from the passing of Prop 30, state bureaucrats increased deficit spending beyond the state’s $6 billion annual tax increase. The Department of Developmental Services and the Department of Health Services increased its spending in November by over $1 billion in comparison to its spending last year.

As a result of the decline in tax revenues collected, and the increase in spending, California’s deficit increased to $27 billion for the first five months of this fiscal year.

There is a cure for that.

Move out of State.

 

[BotanyBoy]

The truth hurts. This is what the country can look forward to.
----------------------

After Proposition 30 passed on November 6, 2012, the State of California experienced a decline in the total state revenue for the month of November. California State Controller John Chiang reported that the total revenue for the month of November declined by $806.8 million, which is 10.8 percent below budget.

The State of California experienced a decline in its revenue as several of the high income earners have relocated to other states, and have also relocated their businesses out of state. This led to a decline in corporate and income tax revenues by more than $1 billion.

With the expected increase in revenue to be derived from the passing of Prop 30, state bureaucrats increased deficit spending beyond the state’s $6 billion annual tax increase. The Department of Developmental Services and the Department of Health Services increased its spending in November by over $1 billion in comparison to its spending last year.

As a result of the decline in tax revenues collected, and the increase in spending, California’s deficit increased to $27 billion for the first five months of this fiscal year.

It's ok they will just raise taxes more.....and more.....and more.....and more....and more..

Which is cool, most the other states are enjoying the growth resulting from CA's slow but steady suicide.

 

[shoulderblade]

Damned if you do, damned if you don't.

Is there any such thing as a solution to their problems?

 

[Shagly]

Damned if you do, damned if you don't.

Is there any such thing as a solution to their problems?

A firing squad.

 

[shoulderblade]

A firing squad.

Right. I think their population will begin to decline in any case.

 

[Ishmael]

Maybe those "Escape From" movies weren't all that farfetched after all.

Ishmael

 

[Shagly]

How are all of those illegal Mexicans going to get free healthcare in California?

 

[Bert Notorius]

pretty soon my entire paycheck will be going to pay for govt employees' pensions.

 

[mercury14]

If raising taxes decreases revenue and cutting taxes raises it... why not set the tax rate to 1%?

 

[BotanyBoy]

If raising taxes decreases revenue and cutting taxes raises it... why not set the tax rate to 1%?

You're right man...you can't raise revenue by any other way than raising taxes....so CA needs to bump that up to 100% and they will have SHIT loads of revenue....they will have so much in 5 years they should go ahead and spend it now.

 

[run_silent]

When government raises the taxes there are consequences. The rich have the ability to move themselves and the their business. When a state raises taxes they move to another state. If the Feds raise taxes they move to another country.

I chose to move to a state with no state income taxes. People adjust to taxes. Rich people and average people.

 

[RoryN]

I voted for the tax increase because I knew people like miles and Ishmael wouldn't want it. Couldn't care less re: how it'll affect me. Happy to pay more.

If the morons in this country refuse to shut up, they need to be punished.

 

[mercury14]

You're right man...you can't raise revenue by any other way than raising taxes...

Good point because that's EXACTLY what I said in my post.

 

[unregistered]

 

[BotanyBoy]

Good point because that's EXACTLY what I said in my post.

Werd...so tax CA at 90% b/c 10% is all anyone NEEDS, problem solved.

 

[BoyNextDoor]

So just for the record - none of the Prop 30 taxes go into effect until 1/1/2013.

This is a shining example of yellow journalism. Take two unrelated facts "Prop 30 passed" and "California tax revenues declined" and present them in a way that leads the low information reader to draw the wrong conclusion.

I guess we will have to check back after Q12013 and see how the Q1 tax receipts compare in a year over year against the tax receipts of Q12012.

 

[miles]

So just for the record - none of the Prop 30 taxes go into effect until 1/1/2013.

This is a shining example of yellow journalism. Take two unrelated facts "Prop 30 passed" and "California tax revenues declined" and present them in a way that leads the low information reader to draw the wrong conclusion.

I guess we will have to check back after Q12013 and see how the Q1 tax receipts compare in a year over year against the tax receipts of Q12012.

Yellow journalism my ass. Put down the weed for a change and read the post...slowly.

After Proposition 30 passed on November 6, 2012, the State of California experienced a decline in the total state revenue for the month of November. California State Controller John Chiang reported that the total revenue for the month of November declined by $806.8 million, which is 10.8 percent below budget.

 

[unregistered]

 

[Wrong Element]

The State of California experienced a decline in its revenue as several of the high income earners have relocated to other states, and have also relocated their businesses out of state.

All this happened in the time between the election and the end of the month? Surrrrrre. Why don't you post your source, so we could judge its veracity for ourselves?

If raising taxes decreases revenue and cutting taxes raises it... why not set the tax rate to 1%?

I've asked this question before and no one has been able to answer it. If it's obvious that raising taxes always reduces total tax receipts, and cutting them always increases tax receipts (both conservative doctrine), then cutting taxes to zero should bring in an infinite amount of revenue.

 

[Sean]

All this happened in the time between the election and the end of the month? Surrrrrre. Why don't you post your source, so we could judge its veracity for ourselves?

http://www.examiner.com/article/california-revenue-declines-since-passage-of-prop-30

 

[miles]

All this happened in the time between the election and the end of the month? Surrrrrre. Why don't you post your source, so we could judge its veracity for ourselves?

Another one with reading comprehension issues. Put your finger on the screen and touch each word as you read aloud:

After Proposition 30 passed on November 6, 2012, the State of California experienced a decline in the total state revenue for the month of November. California State Controller John Chiang reported that the total revenue for the month of November declined by $806.8 million, which is 10.8 percent below budget.