Schwarzenegger's Folly

Schwarzeneggers Folly
House Chamber, Washington, D.C.
January 12, 2010


Mr. Speaker:

Californias governor is seeking billions of dollars of additional federal aid to fill his ever-widening budget deficits.

Last April, he imposed the biggest tax increase by any state in American history, despite repeated warnings of the damage it would do to the states economy. California already had the highest sales and income taxes in the nation he increased both.

The taxes were supposed to produce $13 billion in additional revenue. But after nine months, Californias sales tax collections are down $270 million; income tax collections are down $10 billion. The only major tax not raised the corporate tax -- is the only tax thats producing more revenue up about $2.4 billion in the same period.

I have a modest suggestion for Gov. Schwarzenegger: rescind the tax increase that has crushed Californias economy and its revenues.

And to my House colleagues: lets not repeat Gov. Schwarzeneggers folly nationally.

Category:

News & Politics

Tags:

• Taxes
• McClintock
• Schwarzenegger

[tronthor91]

Hey I have an idea, lets look at who the donor states are (the states that contribute to the federal budget). California is easily and by far the biggest donor state. CA is paying for a very large percentage of the federal budge. It is severly underfunded, and needs more revenue badly. The true root of the problem is that CA's tax revenuw is spent on the federal budget more than any state, fix that, and they won't increase taxes, or it's bankrupcy for the 6th largest economy in the world.

[jcat5150]

Keep fighting the fight, Tom!