California’s tax revenue free-fall vs. other states

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.

Author: jeffpelline

Jeff Pelline is a veteran editor and award-winning journalist - in print and online. He is publisher of Sierra FoodWineArt magazine and its website Jeff covered business and technology for The San Francisco Chronicle for 12 years, and he was a founding editor and Editor of CNET News for eight years, among other positions. Jeff has a bachelor's degree from UC Berkeley and a master's from Northwestern University. His hobbies include sailing, swimming, and trout fishing in the Sierra.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s