Developing...
UPDATE:
Enter, California on the stage of the global financial crisis.
Democratic Governor Jerry Brown has vetoed the Democratic budget plan approved Wednesday in the Legislature, restarting talks over how to close California's $9.6 billion deficit.
I thought their budget gap was on the order of $20+ billion. What happened to that?
ReplyDeleteAnon 3:43: he was willing to accept 1/2 in spending cuts (many one time only) and the other from a reinstatement of expiring emergency tax rates. He wants the increased taxes in the hopes that next year the economy will pick up and he won't have to cut more spending, thus making his job easier. Screwing the lemmings (aka taxpayers) is far easier then having to cut spending.
ReplyDeleteIt should be interesting to see what happens to California if the Reps get bounced in 2012 and the dems get to stick it to the rich and corps. I have to beleive that when you combine the Federal and state tax rates, it will not take much of an increase at the federal level to setup a mass exodus of industry out of California. Oregon and Washington will probably see a lot of the business.