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Bad News for California Business and Residents
By: John Krikorian

 

 

 

 

How can we stop the largest tax hike in History?  The largest tax hike in history is due to strike the United States on January 1, 2013. Known as “Taxmageddon,” it would impose $494 billion in higher taxes on the American people in the first year. So terrible would be its impact that yesterday Fed Chairman Ben Bernanke warned that the country is headed toward a “fiscal cliff” and that Congress must deal with the impending tax nightmare, as reported by The Heritage Foundation.

Two national surveys released provided very bad news for California’s 2 million unemployed workers. This on top of the fact that we have learned that the State’s budget deficit will come in at $16 billion, up from a merely awful $ 9 billion. 

Doesn’t anyone care?  If this projection short fall were made by a CEO of a major corporation, manufacturing firm or retailer, they would be handing in their resignation.  Their shareholders would have forced this on them. The Governor is holding hostage our students and education system to force voters to increase taxes.  He can start by cutting the number of government employees, addressing the out of hand public employee pension benefits, creating private sector jobs, revitalizing our local redevelopment agencies and reducing government regulations a few areas that can help bring the Gold back to California. The budget is broken and a rainy day fund cannot make up the $16 billion deficit. Question voters should be asking is how do we make our Sacramento representatives responsible and bi-partisan in coming up with sound solutions to dig us out of this deep hole that California is in? Another question is why do corporations have to pay tax on earnings, while union income (dues) are tax exempt?

Adding to Debt: Supervisor Michael Antonovich, Los Angeles County Fifth District notes that “Welfare costs for children of illegal aliens exceeded $33 Million in March.  The projected Annual Cost is $625 Million”.   Question we ask is how much is it for the State of California? Another sacred cow that the Governor and Sacramento seems to have a hands off policy.
 








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