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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  1. stevefromsacto
    stevefromsacto 26 April, 2010, 18:31

    Gosh, John, it’s not as if the massive cuts in last year’s budget did anything to help either. But that’s OK, you advocate more of the same.

    Reply this comment
  2. EastBayLarry
    EastBayLarry 26 April, 2010, 19:58

    Steve, the budget cuts are BECAUSE of the reduced revenue, duh.

    Reply this comment
  3. Richard Rider
    Richard Rider 27 April, 2010, 08:28

    “Massive cuts,” Steve??? Did the state reduce the number of employees? What percent? Have pensions been reformed?

    Massive cuts — boy, that is GREAT news to me! Thanks for the info! We are saved!

    Reply this comment
  4. StevefromSacto
    StevefromSacto 27 April, 2010, 08:54

    So INCREASE the revenue, Larry. It’s that simple.

    Reply this comment

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