Author Topic: California Deficit Seen Rising by $15 Billion as Revenue Drops  (Read 911 times)

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Offline rangerrebew

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California Deficit Seen Rising by $15 Billion as Revenue Drops
« on: February 21, 2024, 11:26:55 am »
California Deficit Seen Rising by $15 Billion as Revenue Drops
Story by Maxwell Adler  •
13h


(Bloomberg) -- California’s deficit is likely to rise 26% to $73 billion as new data show that tax receipts fell short of earlier estimates, according to the state’s budget adviser.

The new projection for fiscal 2024-25 anticipates the deficit will grow by $15 billion from previous estimates after traditional corporate tax collections declined by more than 33% in December from the year-earlier period, the state’s Legislative Analyst’s Office said in a report released Tuesday. The LAO, as the agency is commonly known, also said California’s income tax withholding and estimated payments have been “fairly weak” as of late.
 
“If the budget problem increases by $15 billion, the Legislature will need to find a like amount of new budget solutions to ensure the budget is balanced for 2024‑25,” wrote the LAO in its report.
The forecast heightens the possibility that Governor Gavin Newsom will propose more spending reductions when he delivers his budget revision in May. While the governor’s budget already calls for $8.5 billion in cuts including from climate change initiatives, housing and a scholarship program, the LAO highlighted an additional $16 billion of one-time or temporary spending decreases in its latest report.

https://www.msn.com/en-us/money/markets/california-deficit-seen-rising-by-15-billion-as-revenue-drops/ar-BB1iBEfk?ocid=msedgntp&pc=HCTS&cvid=285cc1c6e9e543e9a68b95040a920f34&ei=77
Would you be willing to fight and die for multiculturalism?  Would you put your life on the line for “Diversity, Inclusion, and Equity” (DIE); “Environmental, Social, and corporate Governance” (ESG); or other Marxist worldviews?  Would you go to war to preserve the right of delusional men to use women’s restrooms and dominate women’s sports?  Would you fight for any government that hunts down and imprisons J6 protesters as political hostages but celebrates Antifa and Black Lives Matter rioters who cause physical injury and property damage?

J.B. Shurk

Offline PeteS in CA

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Re: California Deficit Seen Rising by $15 Billion as Revenue Drops
« Reply #1 on: February 21, 2024, 06:35:00 pm »
Killing and driving businesses out of the state has tax revenue consequences? Who'd athunk it?
If, as anti-Covid-vaxxers claim, https://www.poynter.org/fact-checking/2021/robert-f-kennedy-jr-said-the-covid-19-vaccine-is-the-deadliest-vaccine-ever-made-thats-not-true/ , https://gospelnewsnetwork.org/2021/11/23/covid-shots-are-the-deadliest-vaccines-in-medical-history/ , The Vaccine is deadly, where in the US have Pfizer and Moderna hidden the millions of bodies of those who died of "vaccine injury"? Is reality a Big Pharma Shill?

Millions now living should have died. Anti-Covid-Vaxxer ghouls hardest hit.

Offline GtHawk

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Re: California Deficit Seen Rising by $15 Billion as Revenue Drops
« Reply #2 on: February 22, 2024, 04:57:32 am »
Killing and driving businesses out of the state has tax revenue consequences? Who'd athunk it?
Don't forget inviting illegal aliens into the state and giving them all sorts of freebies paid out of tax revenues. I guess Noisome and the democrats think that giving illegals welfare will somehow add to the states coffer a greater amount than goes out when they spend those EBT's, Title 9 and healthcare dollars. Kind of like Auntie Pelosi believing that unemployment checks are the best way to grow the economy..............MORONS!