California’s budget is in its usual multi-billion dollar deficit condition, so one could be forgiven for believing that the problem is too few taxes. Fortunately, Richard Rider spells out in depressing detail just how overburdened the California taxpayer is:
* California has the 3rd highest state income tax rate in the nation.
* California has the highest state sales tax rate in the nation.
* California has the 2nd highest corporate income tax rate west of the Mississippi and 8th highest overall.
* California has the 4th highest capital gains tax rate.
* California has the 2nd highest gas tax and the highest diesel tax.
* California property taxes per owner-occupied home are the 10th highest in the nation.
If the solution to the state’s problems were higher taxes, we’d be living in Shangri-La already.
Saturday, November 26, 2011
The Utopia That Is California
It doesn't get any clearer than this:
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4 comments:
This can't be true, because CA has a balanced budget amendment. ;)
Well, at least illegal immigrants can now get state aid to go to college. Maybe that's the silver lining in all these high taxes and budget deficits.
/snark
California's balanced budget requirement can be met by borrowing money. For all practical purposes, I don't know what it requires ...
Mark Roulo
They actually balance it by projecting revenue to meet what they want to spend.When revenue doesn't keep up? Oh well.
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