[TBP]

The dirty little secret is that taxes are going to be raised, and raised substantially, no matter who is elected governor next year.

Not if it's Simon or McClintock. But anyone else in the field will raise taxes, or at least try to.

[Torie]

No, the numbers dictate that taxes must be raised, and raised substantially. There is no other way out of the box. Even if the right legislation is enacted (and much of it won't be except by initiative, and in the meantime, much of the spending is mandated by Constitutional requirement), it will take time to kick in. You see, California has no borrowing power left, and has looted all of the trust funds, and done all the deferrals of expenses until the next budget (that trick only works once), that it can. Next year's budget must really be balanced, no ifs, ands or buts. Period.

[Torie]

The only caveat is if we have another stock market bubble, and capital gains recognition kicks in again, which in California is taxed the same as ordinary income. Keep hope alive.