Tax Increases Bring Prosperity to California | Page 2 | TigerDroppings.com
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Diamondawg
Mississippi St. Fan
Mississippi
Member since Oct 2006
11849 posts

re: Tax Increases Bring Prosperity to California

quote:

$177B debt??

Nope. Latest figures are $1.7B.
Check you figures. That might be what they added last month!


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UncleFestersLegs
Columbia MD
Member since Nov 2010
1717 posts

re: Tax Increases Bring Prosperity to California
quote:

$177B debt??

Nope. Latest figures are $1.7B.


At first glance, I wondered if you were confusing debt and deficit but even that wouldn't allow for such a ridiculous figure.

To wit:
quote:

Gov. Jerry Brown announced on Saturday that the state's deficit has ballooned to $16 billion, a huge increase over his $9.2-billion estimate in January.


Debt estimates for Ca range from $160B to $330B.


Diamondawg
Mississippi St. Fan
Mississippi
Member since Oct 2006
11849 posts

re: Tax Increases Bring Prosperity to California
I am not an accountant but I wonder is the wide range of "debt estimates" caused by fuzzy accounting on unfunded liabilities and such with pensions, etc.


UncleFestersLegs
Columbia MD
Member since Nov 2010
1717 posts

re: Tax Increases Bring Prosperity to California
quote:

Directors of the State Budget Crisis Task Force said their researchers had found a lot of other debts that did not turn up in California’s official tally. Much of it involved irrevocable promises to provide pensions to public workers, health care for retirees, the cost of delayed highway maintenance and an estimated $40 billion bill to bring drinking water up to federal standards.


moneyg
LSU Fan
Member since Jun 2006
20902 posts

re: Tax Increases Bring Prosperity to California
Bump for the resident Californian's response...


DEANintheYAY
USA Fan
LEFT COAST
Member since Jan 2008
31746 posts

re: Tax Increases Bring Prosperity to California
I apologize. I was talking about the structural deficit, which I believe the latest LAO figures put at $1.7.

Cali has a ton of bond debt, much of it for infrastructure bonds, but the real issues is the pension debt. This is something that that they are trying to deal with, but it won't be easy.


HailHailtoMichigan!
Wisconsin Fan
Coto de Caza, CA
Member since Mar 2012
16729 posts

re: Tax Increases Bring Prosperity to California
quote:

This is something that that they are trying to deal with, but it won't be easy.

Because our public sector is beyond fricked up in this state.



DEANintheYAY
USA Fan
LEFT COAST
Member since Jan 2008
31746 posts

re: Tax Increases Bring Prosperity to California
quote:

Because our public sector is beyond fricked up in this state.



Agreed.

At the end of the day, there will be more negotiations like the ones that occurred earlier this year.

HOPEFULLY, we will also tackle Proposition 13 as well. At a minimum do something with the split roll property tax.


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los angeles tiger
LSU Fan
1,601 miles from Tiger Stadium
Member since Oct 2003
55976 posts

re: Tax Increases Bring Prosperity to California
quote:

Bump for the resident Californian's response...


The state is broke and it is going to get worse. More and more businesses are leaving except for those that have government contracts. I've worked with several people that owned their own business here and have closed shop to move elsewhere because of the taxes and regulations.


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