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Has California Finally Hit Bottom? (Newsom finds religion...or hallucinogens)
cnbc.com ^ | 11-15-12 | Jane Wells

Posted on 11/19/2012 8:45:56 AM PST by Texas Eagle

Editor’s note: The following is a cross post by Jane Wells that originally appeared on CNBC.com]:

The Golden State has been forced into a sort of economic rehab after years of runaway spending.

Now, California’s Legislative Analyst’s Office says the state may be bottoming, and there is reason to hope.

Californians just passed Prop 30, raising taxes, but the LAO says the state will still have to close a $1.9 billion budget gap over the next two years. However, there could be a budget surplus beginning in 2014.

“We’re not out of the woods,” said Lt. Gov. Gavin Newsom, a Democrat. “There’s a lot of desire, pent-up desire, to invest more in research and development and issues of education and the like, and so we’re going to have to hold the line.”

Newsom was speaking at the Milken California Summit in Beverly Hills, where the issue of the state’s economy and notoriously poor business climate were front and center.

Proposition 30 will raise the top state income tax rate to 13.3 percent for millionaires. “That’s not a great way to encourage folks to come here and stay here,” he said.

(Excerpt) Read more at theblaze.com ...


TOPICS: Government; News/Current Events; Politics/Elections; US: California
KEYWORDS: california; newsom; taxes
The payoff comes at the end.
1 posted on 11/19/2012 8:46:04 AM PST by Texas Eagle
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To: Texas Eagle
Proposition 30 will raise the top state income tax rate to 13.3 percent for millionaires. “That’s not a great way to encourage folks to come here and stay here,” he said.

I think all of those millionaires who demand federal tax hikes should be forced to move to California, so they can have a taste of it at the state level.

2 posted on 11/19/2012 8:53:10 AM PST by JRios1968 (I'm guttery and trashy, with a hint of lemon. - Laz)
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To: JRios1968

Agreed.


3 posted on 11/19/2012 8:56:01 AM PST by Army Air Corps (Four Fried Chickens and a Coke)
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To: Texas Eagle

Hit bottom? There’s a prediction that’s off by a decade, and that’s being generous.


4 posted on 11/19/2012 8:57:25 AM PST by Attention Surplus Disorder (This stuff we're going through now, this is nothing compared to the middle ages.)
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To: Texas Eagle

Whistling in the graveyard.


5 posted on 11/19/2012 9:01:48 AM PST by Huskrrrr
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To: Texas Eagle
However, there could be a budget surplus beginning in 2014.

We could have Ham and Eggs, if we had some ham, and some eggs.

6 posted on 11/19/2012 9:09:49 AM PST by PGR88
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To: PGR88
Ha haaaaa!!!!

CEO thinking to him/herself: "Who do I believe? My bottom line or Gavin Newsom?"

7 posted on 11/19/2012 9:13:28 AM PST by Texas Eagle (1)
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To: Texas Eagle
Expecting the loonies in Sacramento led by Moonbeam & Newsom to control themselves fiscally now that they're completely in charge is like expecting pigs to dine with a knife & fork.

They and they're union controllers have already spent the recent tax increases and are thinking about how to sell the next round to the idiot voters that infest this state.

8 posted on 11/19/2012 9:17:41 AM PST by skeeter
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To: Texas Eagle

Proposition 30 also allows urban centers to expand tax boundaies and capture revenue from the burbs. Look out: the looting has just begun. It is such a great idea, look for other states to use it, like New York, Illinois, and Michigan for starters.

Vallejo, Stockton, Fresno and Sacramento need your money. Chicago, New York, Detroit, Philly, Baltimore, and St. Loius will be next.


9 posted on 11/19/2012 9:21:48 AM PST by SC_Pete
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To: skeeter
Expecting the loonies in Sacramento led by Moonbeam & Newsom to control themselves fiscally now that they're completely in charge is like expecting pigs to dine with a knife & fork.

Amen. Even after they ran ol' Snowball off the farm, they continued to blame every problem on him.

Obviously, in this case, Snowball represents the entire Republican Party in California which has absolutely no power to stop anything.

10 posted on 11/19/2012 9:31:00 AM PST by Texas Eagle (1)
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To: SC_Pete
Proposition 30 also allows urban centers to expand tax boundaies and capture revenue from the burbs.

Didn't know that. Thanks for the assist.

11 posted on 11/19/2012 9:33:51 AM PST by Texas Eagle (1)
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To: SC_Pete
Proposition 30 also allows urban centers to expand tax boundaies and capture revenue from the burbs. Look out: the looting has just begun.

Regionalization. One of Obama's primary goals for term 2. He hates the burbs and will suck them dry by expanding taxation to support the urban areas and will take local control away from the suburbs as a "side benefit."

12 posted on 11/19/2012 9:42:39 AM PST by NewHampshireDuo
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To: Texas Eagle
Proposition 30 will raise the top state income tax rate to 13.3 percent for millionaires. “That’s not a great way to encourage folks to come here and stay here,” he said.

Given that Newsom himself is a beneficiary of the Getty fortune, I guess he should know... not that he's moving any time soon.

13 posted on 11/19/2012 9:47:37 AM PST by Carry_Okie (The Slave Party: advancing indenture since 1787.)
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14 posted on 11/19/2012 9:48:28 AM PST by RedMDer (May we always be happy and may our enemies always know it. - Sarah Palin, 10-18-2010)
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To: Texas Eagle
"Finally Hit Bottom"?

Ya Think?

Not even close.

15 posted on 11/19/2012 9:55:39 AM PST by YHAOS (you betcha!)
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To: YHAOS

Maybe “bottom” will be when a large group of Obama’s folks storm the state building looking for all the money they were promised but never got to loot elsewhere.


16 posted on 11/19/2012 9:59:28 AM PST by gr8eman (Ron Swanson for President!)
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To: gr8eman
Atlas Shrugged absent the hero.
17 posted on 11/19/2012 10:22:08 AM PST by YHAOS (you betcha!)
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To: gr8eman

When will liberals hit bottom?

Look at what is happening with the Hostess bankruptcy. The union members did not recognize the bottom, and killed the complany with their continued strike (with a whole lot more union jobs)

Read “Atlas Shrugged”. They didn’t recognize a bottom even when the economy had completely crashed.

Or look at Greece.
They are rioting because their goodies are being taken away, but still voting for the politicians who made the promises that could not be kept.

Don’t expect a bottom to be reached until there are food riots ... but the rioters will then vote for those promising to feed them.


18 posted on 11/19/2012 10:28:41 AM PST by Mack the knife
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To: Texas Eagle

When will be the first shareholder lawsuit occur against CA companies that are losing money and continue to maintain a HQ in California?


19 posted on 11/19/2012 10:34:44 AM PST by VeniVidiVici (Bathhouse Barry wants YOU to bend over for another four years)
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To: NewHampshireDuo

Regionalization EQUALS REDISTRIBUTION. The Marxists are unrelenting.


20 posted on 11/19/2012 10:50:30 AM PST by SC_Pete
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To: Texas Eagle

The Marxists are coming at us from every direction.


21 posted on 11/19/2012 10:53:26 AM PST by SC_Pete
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To: Texas Eagle
However, there could be a budget surplus beginning in 2014.

Or...there could not be.

22 posted on 11/19/2012 11:42:10 AM PST by hattend (Firearms and ammunition...the only growing industries under the Obama regime.)
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To: Texas Eagle
A surplus in 2014?!?!?!?

The only surplus in California's budget is a surplus of deficits.

23 posted on 11/19/2012 11:46:20 AM PST by N. Theknow (Kennedys=Can't drive, can't ski, can't fly, can't skipper a boat, but they know what's best for you.)
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To: Mack the knife

Insanity is doing the same thing over and over an expecting a different result. Watching the PBS program on the Dust Bowl. As the priceof wheat plummeted, they farmers plowed more and more land and planted wheat. They then found they could find no buyer, FDR [romosed to help, but in the end, what brought back “No man’s Land” was the return of the rains.


24 posted on 11/19/2012 11:49:11 AM PST by RobbyS (Christus rex.)
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To: Mack the knife

Insanity is doing the same thing over and over an expecting a different result. Watching the PBS program on the Dust Bowl. As the priceof wheat plummeted, they farmers plowed more and more land and planted wheat. They then found they could find no buyer, FDR [romosed to help, but in the end, what brought back “No man’s Land” was the return of the rains.


25 posted on 11/19/2012 11:49:21 AM PST by RobbyS (Christus rex.)
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