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Despite the lack of transparency California is projected to have a $31 billion budget surplus next year so they seem to be doing something right, at least for n
by Bluecobra 5y ago
Despite the lack of transparency California is projected to have a $31 billion budget surplus next year so they seem to be doing something right, at least for now.
- thehappypm 5y agoIMO a $31B surplus reeks of over-taxation! If I was a California resident I’d be demanding lower taxes now!
- jbkiv 5y agoCalifornia is not doing anything special. The tech sector provides high paying jobs fueling high housing costs in the San Francisco Bay and other places used as second homes (WFH): Wine country (Napa/Sonoma), the Coast (Santa Cruz, Stinson, Big Sur) or the Sierras (Lake Tahoe). High paying jobs + high housing prices ---> higher taxes Taxing tech corporations is more complex and most have stored IP in low tax havens. Note that this is not specific to tech, Wal Mart, Goldman Sachs and others do the same thing.
- bink 5y agoOP stated: > at this point my only question is whether these places go broke in my lifetime or not I think that would be hard to do when running a $30+ billion budget surplus.
- rsj_hn 5y agoIt's transparency that tells you whether that $31 Billion is an actual surplus, or whether there are huge off-balance sheet liabilities hiding in that state budget -- e.g. future pension obligations and the like, as well as mandated spending on other initiatives, or long term contracts signed by the state which require spending.