California April Taxes Falling Short as Brown Readies Budget

[FarCenter]

California personal-income-tax collections in April are falling short of Governor Jerry Brown’s projection by more than $2 billion, data from Controller John Chiang show. The state is already facing a $9.2 billion deficit through June 2013.

With two days to be counted, the state has taken in $6.74 billion since April 1, according to a daily tally on Chiang’s website. Brown’s projection for the month was $9.13 billion.

Brown, a 74-year-old Democrat, will unveil a revised budget in mid-May based on the newest figures. He’s already said that the deficit may widen by $1 billion or $2 billion because lawmakers resisted spending cuts he proposed and lawsuits blocked other reductions. California has fought deficits every year since 2007 as tax collections suffered from the longest recession since the 1930s.

“We’ve been in troubled times since July 2007 and we are going to continue to see tough times ahead,” Chiang, a Democrat, said in a telephone interview. “We have to be smart and prudent with our fiscal discipline.”

http://www.businessweek.com/news/2012-04-27/california-april-taxes-falling-short-as-brown-readies-budget

[glowing]

1. Underemployment is just as bad as unemployment on an economy.

Reduced incomes mean reduced income taxes and reduced sales taxes due to less income to spend on "extras".

When will the US get their heads out of their asses and elect people who understand that the Federal Govt has got to spend money on the short term on projects like infrastructure and innovation and on arts (kinda like FDR did), for the short term, so in the long term, the deficits will decrease...

AND in order to find the revenue to help out, we need to tax companies who are paying nothing (the big one's like GE and Verizon) and the rich people like the Romney's at a higher rate until the country is back on track. It used to be a very large percentage (like 90%), if we could get at least 50% on those making more than a million per year, we'd be doing much better... However, the current assholes can't even get the tax rate back up to Clinton years.