"After four years of uninterrupted growth, states' tax collections saw a decline in the first quarter of 2014. Preliminary figures for the second quarter of 2014 indicate further declines in personal income-tax collections and possibly in overall state taxes.
Then came the show stopper:
"Most of the decline is attributable to a single state — California — where personal income-tax collections declined by $2 billion, or 11.1%. If we exclude California, personal income tax collections show a growth of 2.0% in personal income tax collections and a growth of 0.6% in overall state tax collections."
This time last year, liberals around the country were trumpeting the big fiscal comeback of the Golden State in the wake of Jerry Brown's giant tax increase — Proposition 30.
Tuesday, August 19, 2014
Wheels Are Coming Off California's Ballyhooed Comeback
Oh brother. I think it's starting: