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California Has $2 Billion In Unexpected Tax Revenue - LATimes

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WillyT Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-05-11 09:34 PM
Original message
California Has $2 Billion In Unexpected Tax Revenue - LATimes
California has $2 billion in unexpected tax revenue
Tax income has been outpacing forecasts good news
as Sacramento struggles with a $15-billion budget deficit.
GOP leaders are already using it as fodder against
Gov. Brown's proposed tax increases.

By Shane Goldmacher, Los Angeles Times
May 5, 2011

<snip>

Reporting from Sacramento -- State officials are reporting an unexpected $2-billion surge in tax receipts that will help lawmakers close the remaining $15-billion budget deficit, and the Capitol is humming with hope that more is coming.

But the windfall could complicate Gov. Jerry Brown's push for tax increases, which he says are needed for California's longer-term financial health.

Some analysts say the surprise the sign of a brightening economy could be just the beginning. Revenue has crept up incrementally for months and jumped in April, when people paid their taxes. It may be time to raise projections, they say, with the potential for billions more to flow into state coffers.

"As much as a third of the deficit will probably, hopefully, disappear," said Brad Williams, an economist and former chief revenue forecaster for the Legislature.

But Brown is not talking that way. As the governor prepares his updated budget plan for release in mid-May, indications are that he will try to mute such expectations.

<snip>

More: http://www.latimes.com/news/local/la-me-state-budget-20110505,0,1073828.story

:kick:
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dkf Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-05-11 09:35 PM
Response to Original message
1. Yay!
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foxtrot Donating Member (20 posts) Send PM | Profile | Ignore Thu May-05-11 09:42 PM
Response to Original message
2. I call Bull crap on this piece of RW propaganda
There is no way that increased economic activity will result in more tax revenue. Only increasing taxes on the wealthy will get us out of this Bushco mess.
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WillyT Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-05-11 09:44 PM
Response to Reply #2
4. Wow... And You Just Got Here...
:popcorn:
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kestrel91316 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-05-11 11:12 PM
Response to Reply #2
9. Corporations and the 2%ers should pay at LEAST as high a percentage of
of their income in INCOME TAXES as the bottom 25% do. Fair's fair.

But most of them pay little or nothing, and yet as the heavy resource users (because of their hyper-consumer lifestyles) they have a disproportionate impact on our infrastructure and resources.

The wealthy and large corporations are slackers. Time to make them pay up.
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proud patriot Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-05-11 09:43 PM
Response to Original message
3. Yay! but we still need to raise taxes on the Billionares
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WillyT Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-05-11 09:49 PM
Response to Reply #3
6. Oh Yeah...
:bounce:

:loveya:

:hi:
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applegrove Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-05-11 09:47 PM
Response to Original message
5. Repukes will go nuts if this continues and cause another recession.
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lies and propaganda Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-05-11 09:52 PM
Response to Original message
7. pot growers. imho
i live here and that is my best, and i dont think far off, guess.\
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nebenaube Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-05-11 10:22 PM
Response to Reply #7
8. That would be a good thing... n/t
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