Cal April tax revenues crashing

April 26, 2010 - By admin

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

Comments(0)
  1. stevefromsacto says:

    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.

  2. EastBayLarry says:

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

  3. Richard Rider says:

    “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!

  4. StevefromSacto says:

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

Know Your Bloggers

Joseph Perkins
Joseph Perkins, now assistant editor of the Orange County Register Opinion Pages, started his career as an editorial writer for the Wall Street Journal. After serving on the White House Staff of former Vice President Dan Quayle he wrote for the San Diego Union-Tribune where he authored a nationally-syndicated column. Before writing for CalWatchdog.com, Mr. Perkins was also Business Editor for San Diego Magazine.
Chris Reed
Chris Reed is a regular contributor to Cal Watchdog. Reed is an editorial writer for U-T San Diego. Before joining the U-T in July 2005, he was the opinion-page columns editor and wrote the featured weekly Unspin column for The Orange County Register. Reed was on the national board of the Association of Opinion Page Editors from 2003-2005. From 2000 to 2005, Reed made more than 100 appearances as a featured news analyst on Los Angeles-area National Public Radio affiliate KPCC-FM. From 1990 to 1998, Reed was an editor, metro columnist and film critic at the Inland Valley Daily Bulletin in Ontario. Reed has a political science degree from the University of Hawaii (Hilo campus), where he edited the student newspaper, the Vulcan News, his senior year. He is on Twitter: @chrisreed99.
Brian Calle
Brian Calle is Editor-in-Chief of CalWatchdog.com and the Opinion Editor for the Orange County Register. His work has appeared in Bloomberg, Fox News, Forbes, Real Clear Politics, Human Events, Real Clear Markets and City Journal, among other websites and publications. Find him on Twitter: @briancalle
John Seiler
John Seiler has been writing about California for 25 years. That includes 22 years as an editorial writer for the Orange County Register and two years for CalWatchDog.com, where he is managing editor. He attended the University of Michigan and graduated from Hillsdale College. He was a Russian linguist in U.S. Army military intelligence from 1978 to 1982. He was an editor and writer for Phillips Publishing Company from 1983 to 1986. He has written for Policy Review, Chronicles, LewRockwell.com, Flash Report and numerous other publications. His email: writejohnseiler@gmail.com

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