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Pastimes : The California Energy Crisis - Information & Forum
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To: Bearcatbob who wrote (1047)11/21/2001 1:51:08 PM
From: Daniel G. DeBusschere   of 1715
 
I loved your Cow story - well done.
Here is something on the demise of the capitalist pigs in California (me included). May be the result of some cow trading?

"Based on the current weak trend in revenue collections to date, a more pessimistic outlook for both the state and national economies, and the under-performance of the stock market in 2001, the Legislative Analyst Office (LAO) is now projecting the state will face a current year budget deficit of $4.5 billion, a deficit that could grow to $12.4 billion by the end of fiscal 2003.

The LAO forecast assumes a dramatic decline in stock options and capital gains-related income due primarily to the drop in share values of the state's high-tech companies. Over the last several years, the state has seen a dramatic increase in income related to capital gains and stock options, rising from $25 billion in 1994 to over $200 billion in 2000. At their peak, these sources accounted for more than 22% of total state General Fund revenues. As a result of this dramatic growth, stock option and capital gains-related tax collections have become a key source of revenue vulnerability for California."
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California does not give you a break for long term capital gains - its taxed like ordinary income which could be over 10% or one half the federal rate. And California does not have to buy B2 bombers and Nuclear Aircraft Carriers loaded with fighter planes costing $100M each.
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