Low tax receipts driving California fiscal crisis
California’s ubiquitous utopian left may be celebrating Planet Earth with the “masses,” but for days, business journalists have been warning that California’s income tax receipts for the month of April may come in billions of dollars short of expectations, deepening a fiscal crisis that threatens to plunge the state into insolvency and political chaos.
Joe Wiesenthal of Business Insider reports that the state comptroller had indicated $6.7 billion was collected in tax revenue in the first quarter, leaving just 30 days to cover an additional $2.4 billion to meet projections. Instead of picking up pace, however, income tax receipts have reportedly fallen, such that the state may be as much as $2 billion short, according to Bloomberg News.
Read more about California’s fiscal crisis