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 [...]
Really interesting data provided by Visualizing Economics regarding various tax rate structures across different scenarios. The data is put together using 2009 IRS data and gives us an interesting look at various tax scenarios in the U.S. We find a mix of progressive, regressive, and flat taxes across a multitude of fields. It also highlights [...]
California Total General Fund down $237 Million in August. Recent Estimates Put State in Deficit of $8 Billion for Next Year.
It only took a few weeks for California to miss its budget estimates again. The California State Controller’s Office released data for August receipts last week and the state is already under by $237 million from the recently revised budget figures. Keep in mind that the recent budget figures were completed in the midst of [...]