I’ve written before about the free-fall in California’s tax revenue, suggesting that spending cuts alone won’t do the trick to close the gap.
While unpopular, you have to turn to tax hikes or gut basic services. This is why the politically motivated Tax Day Tea Party protests next week are misguided. As reported, a county like ours is quite dependent on government and social services because of our demographics.
A chart outlining the falloff in tax revenues, courtesy of Thursday’s Wall Street Journal, is here.
One of the ways to help bail us out is a run-up in the stock market, providing money from capital tax gains. More than half of Americans own stock. The argument about Wall Street fat cats is overstated.
Meanwhile, a county-by-county breakdown for falling tax revenues in our state would be good information to include in any newspaper’s Web data base.