Just the Facts, Ma'am: A Compendium of Liberal Fiction Message Board

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Politics : Just the Facts, Ma'am: A Compendium of Liberal Fiction

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To: American Spirit who wrote (8370)	6/3/2004 1:08:18 AM
From: DavesM	Read Replies (2) of 90947

Once again, you are wrong. The truth is, California has a progressive income tax structure. The reason that California has a huge deficit, is rich people in California suffered losses, and therefore had lower tax obligations - than before the 2000 market crash. California saw decreases of roughly $10 billion in revenue - from decreased taxes based on capital gains. This in large part is due to the collapse in gains from exercising stock options and capital gains from stock sales (and a $10 billion increase in State spending). - At least according to State of California in September 2002 (when Gray Davis was Governor). lao.ca.gov re:"Arnold should have listened to Bufffet then California wouldn't be hock now for 15 billion. Instead, we could gradually balance our budget by making people like Arnold himself pay a little more property taxes. Arnold's way, the middleclass pay for most everything."

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