Cal April tax revenues crashing
So much for the hope that the “recovery” would raise revenues and lessen the $20 billion state budget deficit. This just in:
Income tax revenues are lagging far behind projections with just five days to go until the end of what is typically California’s highest-grossing month.
The state took in about $574.5 million in personal income tax receipts Friday, boosting the month’s running total to $5.2 billion.
That means the state has a ways to go to meet Gov. Arnold Schwarzenegger’s projection that California would bank $10.2 billion in income tax revenues this month. Income tax revenues accounted for 51 percent of state General Fund revenues in 2008-09.
California had collected $2.7 billion more in total revenues than projected through March, so the state entered the month with a bit of a cushion. But that may be evaporating.
Say, weren’t the 2009 tax increases supposed to increase revenues and solve the deficit problem? Instead, it’s obvious that Max-Tax Arnold is chasing more and more businesses and families out of the state, so they no longer fork over record high amounts to him and his greedy mechanical Terminator claws.
It’s just going to get worse, leaving a massive mess for whatever masochist voters plop on the governor’s throne in November.
— John Seiler
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