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Kalifornia not out of the woods
Topic Started: Jul 29 2009, 07:11 AM (194 Views)
Main Man
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This morning on CNBC they were talking with adviser to Arnold, David Crane. California's budget woes were being discussed. He stated that the Peoples Socialist Republic of Kalifornia now has a pop. of 38 million, yet more than 50% of all income tax revenue is paid by 140,000 of its citizens. That is 0.368%, and because personal incomes have fallen, so too has the state revenues. California taxes capital gains as regular income. They have the highest corp. taxes in the country. And is it any wonder the place is in the state it is in? :shrug:

The other thing he covered was, the now sleeping soon to waken financial fault, all the under and unfunded pensions that are lurking around the corner. It is estimated that if not a single person more was added from here on out, it will take 50 years to clear the current commitment debt. He also pointed out that this particular black hole isn't just a kali phenomenon. It will be visited upon nearly every state that has made these stupid pension commitments to govt. employees, past and present, with no provision to pay for it. And unlike a corp, a state can't go bankrupt to clear its obligations. :yikes:

What other evidence does the rest of America need to finally make the switch turn on, when you let socialists run the joint?
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