California Has A 19 Billion Dollar Tax Surplus, Yet Businesses Leaving
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Well if they took that $19 Billion and chose to apply all of it directly to their debt, it would move their current debt from $573 Billion all the way down to $554 Billion. CA Debt Clock.
The worst thing they can do it use the surplus for more 'programs' but I'm sure they will.
Money is debt and debt is money. By paying down the debt they essentially take money out of existence. They will not do this.. the debt will never be paid down and we will simply see much higher inflation coming as they continue to pump the money supply... hence the refund rather than paying down the debt.
Well if they took that $19 Billion and chose to apply all of it directly to their debt, it would move their current debt from $573 Billion all the way down to $554 Billion. CA Debt Clock.
The worst thing they can do it use the surplus for more 'programs' but I'm sure they will.
Is it even appropriate to call it a "surplus". It is not money they have left over after paying the costs of everything.
Quote:
Originally Posted by anononcty
California will wind up with a 19 Billion tax surplus even with the virus. So much so they will have to give Californians a rebate.
So while the state gorges on some of the highest tax rates in the nation businesse are leaving. Also notes that about 1% of the tax payers pay 50% of state income taxes.
Maybe because the business were taxed to reach that $19bil marker, and they dont like that.
Is it even appropriate to call it a "surplus". It is not money they have left over after paying the costs of everything.
Maybe because the business were taxed to reach that $19bil marker, and they dont like that.
That 1% paying at least half of California's state income taxes should scare them because if guys like Elon Musk start leaving even more that 1% that's bearing 1/2 the burden will shrink.
That 1% paying at least half of California's state income taxes should scare them because if guys like Elon Musk start leaving even more that 1% that's bearing 1/2 the burden will shrink.
Maybe so, but if those people had not come in the first place would expenses have gotten so high? Or whatever caused those expenses have happened?
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