Obama and the moonbats in California are convinced that “taxing the rich” is the path to economic salvation. To the left, capital flight is a neo-con myth and supply side economics is voo-doo. Just like climate change and BPA, commies never let a few facts get in the way …
Despite Tax Increase, California State Revenues in Freefall
State bureaucrats immediately ramped up deficit spending far beyond the state’s $6 billion annual tax increase, with the Departments of Health Services and Developmental Services increasing this month’s spending by over $1 billion versus last year. The lower tax collection and higher spending drove the State’s deficit after the tax increase to $2.7 billion for the first 5 months of this fiscal year.
Executives of the 99 Cents Only Stores Inc. proclaimed they would be opening a new location in Beverly Hills on formerly posh Rodeo Drive.