ABNORMALCalifornia Gov. Newsom Misses Budget by $2 Billion in January

Discussion in 'Politics' started by The Purge, Feb 12, 2019.

  1. The Purge

    The Purge Gold Member

    Aug 16, 2018
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    I imagine when the state is 70% illegals every REAL AMERICAN will set their property on fire, claim the invaders did it, try to collect insursnce, and leave the property to the sanctuary state to house 43 illegals....

    California Gov. Gavin Newsom’s missed budget in his first month in office by $1.81 billion on a $2.53 billion crash in personal income tax collections.

    Despite the State of California tax collection in December missing budget by -$4.82 billion, newly inaugurated Gov. Newsom proposed a record $144.2-billion spending plan for the 2019-2020 Budget on January 9 that included spending another $5.2-billion for "Cradle-to-Career" education, $1-billion for earned income tax credit for the poor, and $100 million for refuge immigrants fleeing Central America violence.

    California officials at the time, claimed December’s huge revenue miss was due to high-income taxpayers making 2018 payments in late 2017 to avoid the Trump Tax and Jobs Act maximum cap on state and local tax deductions of $10,000. Finance officers reassured this writer that January’s shortfall would be made up next month and the new governor forecast another $6 billion in revenues for the 2019-2020 Fiscal Year that begins on July 1.

    But January tax collections of $16.631 billion fell -$2.602 billion short of the $9.233 budget projection. Estimated quarterly tax payments by higher income fillers that can be somewhat variable came in -$2.079 below budget at $9.389 billion. But employer tax withholding that tends to be a true indicator of the state’s economic trend came in -$563 million below budget, an 8 percent shortfall.

    The nonpartisan California Legislative Analysts’ Office has revealed that California has “Significant Variation in Monthly Revenue Collection that can exceed $10 billion due to the state’s reliance on unpredictable capital gains taxes. The LAO still predicts $15 billion capital gains tax collections, despite a 25 percent decline in Silicon Valley stocks.

    Read more at americanthinker.com ...
    • Informative Informative x 1
  2. Andylusion

    Andylusion Gold Member

    Jan 23, 2014
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    Central Ohio
    Fail. Jack up taxes even higher, spend money they don't have yet, and then keep blowing the budget.

    California will end up being the new Venezuela.
    • Agree Agree x 3

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