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To: S100 who wrote (115462)	3/12/2002 9:22:01 PM
From: Jon Koplik	Read Replies (2) \| Respond to of 152472

Re : Calif. drop in personal income / first such decline in more than three decades -- And ... people are still bidding up real estate prices to insane levels out there ... Jon.

To: S100 who wrote (115462)	3/12/2002 10:05:02 PM
From: Art Bechhoefer	Read Replies (2) \| Respond to of 152472

If capital gains played an important role in generating tax revenue for California in recent, then it's ironic that part of the problem now is due to increased preferential treatment of capital gains. In other words, recent changes that effectively lower the tax rate on capital gains produce a lower adjusted gross income on the federal tax form. This adjusted gross income generally determines taxable income at the state level, and has hurt all states, not just California. In fact, the loss in tax revenues in New York State is even more remarkable. Art