California tax revenue yields multibillion-dollar surplus

[tofuandbeer]

L.A. Times

California tax revenue yields multibillion-dollar surplus

SACRAMENTO — California has been flooded with revenue this tax season and is on track to finish the fiscal year with a surplus of billions of dollars, according to officials.

State coffers contain about $4.5 billion more than expected in personal income tax payments. Nearly $2.8 billion of it arrived April 17, the third-highest single-day collection in California history, according to government figures.

Business taxes have also rebounded and are likely to be $200 million ahead of projections.

Gov. Jerry Brown will reveal his latest spending plans this month. State law may require much of the surplus to go to schools and community colleges.

http://www.latimes.com/news/local/la-me-state-budget-20130503,0,1598116.story

------------------------------

I hope so.

[upaloopa]

1. So how is it we do most things right and the rest of

the country is stuck in the mud?
Easily, the adults are in charge.

[Addison]

2. Wierd

Because I thought businesses were "fleeing the state in droves" and Rick Perry was leading them to the promised land, Moses-like.

[bemildred]

9. The ones that leave, we generally don't miss them, since they are the cheap labor parasites. nt

[factsarenotfair]

3. God, I hope they don't spend it on more prisons.

I talking to YOU, Gov. Brown!

[BlueCaliDem]

4. I had just commented on HuffPost that I was HAPPY that California was looking at a

$1 billion dollar surplus in 2014.

Looks like I should be happier with a $4.5 billion dollar surplus.

Now, if we can get oil conglomerates to pay severance taxes for extracting CA - the ONLY state in the world that doesn't tax for extracting our oil - then we can add billions more to help pay for education.

[tofuandbeer]

5. So that's why the Koch brothers live here.

[LarryNM]

6. Proof of What a Lie Austerity Is n/t

[Iliyah]

7. Because in other parts of the country

especially in Southern States and states run by GOPers who believe that taxes are evil and that the 1-2% will be harmed by paying their fair taxes and corporations who out source (Bangladesh), believe loopholes help the poor and middle class, and subsides payments to corporations who pay 3% taxes or none at all will somehow, magically, trickle down yonder to us.

[Califa]

8. CA should be so proud of a multibillon dollar surplus

gained by in part screwing over the disabled poor who have had their State Supplemental portion of their disability benefits they receive instead of food stamps cut by $100 per month for several years now. Gee, doesn't Governor Brown belong to the party that is suppose to be the champion of the poor? The disabled poor will be last on the list when he reveals his spending plans or not on the list at all.

What's the difference between Democrats and Republicans? Republicans will just screw you over and the Democrats will pretend to care about you before they screw you over.

[Igel]

10. They'll do what they usually do.

They have a deficit. Most of the time they raise revenues as the deficit is set to go away because of a recovery.

Then they have a surplus. Every cent of the surplus goes to permanent programs. As the recovery continues, new urgent spending is found.

Then there's another downturn. There's a deficit.

There are cries for more revenues. Cuts are made and it's all a tragedy.

They raise revenues as the deficit is set to go away because of a recovery.

Then they have a surplus.

Notice the one thing they don't typically do, at least not to the extent they can: Set aside a surplus to avoid the pain of later cuts or pay down debts to save on interest.