California budget nightmare – in 1970 California took in 28 percent of state revenues from personal income taxes. Today, the state pulls in 52 percent from personal income taxes. Massive shift to service oriented state.
The problems for the California state budget are deep and significant and will provide fodder for another politically charged year. California faces a $19 billion budget deficit brought on by falling fund revenues and expenses that still reflect a time of better days. The Governor last week announced that 200,000 state employees would see their [...]