Originally Posted by
Name User
Plus a huge budget surplus. It's a very wealthy state due to the climate and desirability. They could double their state income tax and still be ok.
NY and NJ on the other hand...
It most certainly doesn't have a huge budget surplus. That only happens if you don't put your unfunded liabilities into the budget which in this case they didn't making it look like the are financial geniuses when in actuality it is a ponzi scheme in that the people today have to keep putting money in for the people of yesterday to keep getting paid.
Right now there is over 1 TRILLION IN UNFUNDED PENSIONS. That doesn't even take into account the cost of non-pension benefits for state workers, such as health care for retired government employees.
To make up for this shortfall every citizen of California would have to contribute an additional $33,000 in taxes. If we just count the Taxpayers it would be an additional $74,000 in taxes to every individual taxpayer.
https://www.forbes.com/sites/patrick.../#49d2201737b5
https://www.statedatalab.org/state_d...ail/california
This means as more businesses leave there will be less revenue to collect and as more welfare recipients arrive due to it being very generous with other peoples money and a sanctuary State the budget will continue to increase.
And yes thousands of business and people are fleeing California. Most of them are middle class professionals that are tired of paying large amounts of taxes and can do their work anywhere else. As a matter of fact there were 38,000 more people that left California this year than came in.
https://www.cnbc.com/2019/02/12/grow...te-survey.html
https://qz.com/1599150/californias-p...ing-very-soon/
Over 1,800 companies have left California last year due to incredibly high taxes and onerous government red tape.
https://www.bizjournals.com/bizjourn...year-with.html
https://www.investors.com/politics/e...s-leave-taxes/
When people keep saying stupid thing like it is the 5th largest economy in the world will somehow keep it from going bankrupt. If you spend more than you take in it doesn't matter how large your economy is it will tank.
The fact that California is driving out the middle class will leave only those with a lot of money and no money at all which I find kind of funny due to a large portion of the population of California believes there shouldn't be income inequality yet due to their governance it is one of the states with the highest income inequality in the nation and increasing every year.