Last year California raised their taxes...

The results were predictable to people who know that "FantasyLand" is a part of an amusement park and not the whole state...

California state revenues 10.8% below budget projections in November

If you made "projections" for your company a year ago, and when the time came, they find you were off by over $800 million, you'd be doing time...

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"You get the respect that you give" - cnredd

I gotta wonder who made that projection. Even with steady job growth, they've only been chipping away at the unemployment problem. May have been just a little too hopeful on that real-estate recovery.

I think someone needs to re-read this story.

The following information was released by the California Controller.

State Controller John Chiang today released his monthly report covering California’s cash balance, receipts and disbursements in November 2012, showing total revenues were $806.8 million below (-10.8 percent) projections contained in the 2012-13 State budget.

“November’s disappointing revenues stand in stark contrast to recent news that California is leading the nation in job growth, has significantly improved its cash liquidity to pay bills, and even long-distressed home values are starting to inch upward,” said Chiang. “This serves as a sobering reminder that, while the economy is expanding, it is doing so at a slow and uneven pace that will require the State to exercise care and discipline in how its fiscal affairs are managed in the coming year.”

Personal income taxes in the month of November were down $842.5 million (-19.0 percent). Some of the tax revenue associated with Facebook shares came in during the month of October, while budget planners had projected receiving those funds in November.

Corporate taxes were down for the month, coming in $187.8 million below (-213.4 percent) projections. A portion of this drop was due to higher than expected corporate tax refunds going out in the month of November. Totals for sales taxes were up $99 million (3.8 percent).

The State ended the last fiscal year with a cash deficit of $9.6 billion. As of November 30, that cash deficit totaled $24.9 billion and is being covered with $14.9 billion of internal borrowing (temporary loans from special funds), and $10 billion of external borrowing

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Truth, Justice and the American way

Reread the story? Why? It's not going to tell me why Chiang put up the numbers he did, what his posotive prediction on California's outlook was based on. I went to California's department of finance and looked at their economic trends that they claim to have accurately mapped, then I checked out the BLS's unemployment history for the state.

Indeed California under tax master Jerry Brown is a model for the Federal government under Obama. Both sold the lies about taxing the rich as the key to fiscal management. Then when it turns out the "fair share" taxes for the most fortunate don' t produce anything approaching their projections well it is because the rich are too greedy.

They JUST voted in another tax hike this last election. I'm sure when the revenue drops again they will be dumbfounded as to why.

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"I swear- by my life and my love of it- that I will never live for the sake of another man, nor ask another man to live for mine"- Ayn Rand, Atlas Shrugged

Republicans believe every day is the Fourth of July, but the democrats believe every day is April 15. ~ Ronald Reagan

You are from a right to work state. How are things there? I think California will do just fine.

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Truth, Justice and the American way

Doing great with all the Cal companies relocating here. We also do work in Cal so I fly in do a job and get back on the plane with your moneyto be spent in AZ. Good times.

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"I swear- by my life and my love of it- that I will never live for the sake of another man, nor ask another man to live for mine"- Ayn Rand, Atlas Shrugged

Republicans believe every day is the Fourth of July, but the democrats believe every day is April 15. ~ Ronald Reagan

Yeah, At the gun store to protect you from the hordes of lowlifes in AZ.

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Truth, Justice and the American way