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April’s Over: State Falls $3.3 Billion Short on Tax Collections
The final tally for April income tax collections reported by the Franchise Tax Board is just over $7.6 billion — roughly $2.9 billion short of the $10.5 billion Gov. Arnold Schwarzenegger expected in his January budget proposal.
Bank and corporations taxes, predicted to total $1.9 billion for the month, were $1.5 billion, worsening the state’s budget hole by another $400 million. Read more »
The Tortuous Legality of Labeling Heinous Video Games
Recently, Gov. Arnold Schwarzenegger issued a statement praising the United State Supreme Court for agreeing to hear his appeal of a 9th Circuit ruing which declared a bill the GOP governor signed in 2005 requiring the labeling of violent video games and prohibiting their purchase by minors is a violation of the First Amendment’s right to free speech. Read more »
April Revenue Target Missed — Budget Hole $3 Billion Worse
Making it almost certain the state won’t reach its April revenue projections, net income tax collections for April 29, after subtracting refunds, was $184 million.
The Employment Development Department reported receiving $58 million in quarterly withholding payments.
With one day left in the month, income tax collections are nearly $7.4 billion — still $3.1 billion short of the $10.5 billion estimated in the budget proposed by Gov. Read more »
Two Long-time GOP Strategists Advise Democrat Jerry Brown
Jack Flanigan, a veteran GOP political strategist, is among the informal network of advisers Attorney General Jerry Brown consults in his race for governor.
Flanigan said he has no formal role in Brown’s campaign, just offers advice when Brown seeks it.
“I basically respond to his questions. What do you think about X? Read more »
Grim News: Revenue Is Likely $2.5 Billion Below Estimates
After subtracting refunds, income tax collections for April 28 were a net $389 million.
The Employment Development Department reported receiving $84 million in quarterly withholding payments.
The budget proposed by Gov. Arnold Schwarzenegger in January predicted income tax collections of $10.5 billion for April.
With two days left in the month, income tax collections total $7.1 billion — almost $3.4 billion off the target. Read more »
Governor Schwarzenegger Comments on TechAmerica Survey
“News that California is the nation’s leader in high-tech jobs and wages comes as no surprise because our state’s tech-friendly policies and world class workforce create an environment ripe for high-tech success.
“But we must not stand still.
“We must work to ensure California remains Number One and that means continued investment in education because the high tech industry requires a well-educated workforce. Read more »
California Still Holds Multiple High Tech Firsts But Faces Stiffer Competition From Other States, National Survey Finds
California continues to lead the nation in high tech employment, wages, payroll and number of businesses, according to Cyberstates 2010, an annual national analysis of the high tech industry by the TechAmerica Foundation.
In 2008, the most recent year in which state-by-state information is available, the Golden State led the nation in number of high tech workers – 993,300 out the state’s estimated 15.9 million workforce – and the size of its high tech payroll, nearly $105 billion. Read more »
Reaching April Revenue Target Getting Less and Less Likely
After subtracting refunds, income tax collections for April 27 were a net $521 million.
The Employment Development Department reported receiving $100 million in quarterly withholding payments.
The budget proposed by Gov. Arnold Schwarzenegger in January predicted income tax collections of $10.5 billion for April.
With three days left in the month, income tax collections total $6.6 billion — almost $4 billion off the target. Read more »
Another Major Hollywood Star Comes to Sacramento Today
Henrietta “Etta” Waterfield, a GOP candidate for the 33rd Assembly District centered in San Luis Obispo, is hosting an April 27 $1,000-per-person fundraiser at Frank Fat’s in Sacramento.
Unlike the usual no frills, hors d’ oeuvres and cocktails receptions thrown by sitting lawmakers and legislative wanna-bes, Waterfield offers something unique – a chance to meet her 88-year-old mother-in-law, Ernestine Jane Geraldine Russell, whose 1943 film debut was in Howard Hughes’ The Outlaw. Read more »
State Senate Confirms Maldonado as Lieutenant Governor
On a 25 to 7 vote, the 40-member Senate confirmed Gov. Arnold Schwarzenegger’s nomination of Sen. Abel Maldonado to become lieutenant governor, a job vacant since John Garamendi’s election to Congress in November.
The Santa Maria Republican, who broke ranks with the GOP and helped pass a budget in February containing tax increases of nearly $19 billion over two years, said he hoped to sworn in April 27 and would focus his energy on job creation. Read more »
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