Tax jump – Can you believe it?
Well sixteen-billion more in tax isn’t just a little jump, it’s a big jump.
The dear governor of California, Jerry Brown wants cuts in state spending as of Monday as per the Saturday You-Tube video.
Good old Brown’s January budget projected a $9.2 billion deficit for the fiscal year 2012 starting July 1, 2012.
Lower tax receipts and lowered spending cuts rejected by the fed’s and the courts, have changed the difference.
California’s 16 billion deficit
This is a lot bigger than expected a few months ago and will cause cuts to public safety and November’s school funding. The upsurge has come due to federal requirements as well as lawsuits blocked billions of $$$ in state cuts.
“This means we will have to go much farther and make cuts far greater than I asked for at the beginning of the year,” Brown said in an online video. “But we can’t fill this hole with cuts alone without doing severe damage to our schools. That’s why I’m bypassing the gridlock and asking you, the people of California, to approve a plan that avoids cuts to schools and public safety.”
Brown will present
On Monday a budget proposal starting in July for the next fiscal year. The big surprise is how to eliminate the deficit. Here’s the secret…SSHHHH
“Facebook could and most likely will bring in $12 billion when it gets launched next week, Thursday and then on Friday depending on how the shares will trade.”
California’s personal tax revenue as of April, is $2.4 billion lower than expected.