California Tax is Flooded with a cash Surplus — Evaporation RAPID
video: California Tax is Flooded with a cash Surplus — Evaporation RAPID
If the presidential primaries were today, Newsom will run for President on this, stating that he is a fiscal wizard. That flood of excess cash is going to evaporate very quickly.
- This surplus was a result largely of capital gains taken from Silicon Valley companies with Shaw their stock prices shoot up as the government inflated the US dollar, this poured into stocks, and into California coffers. This is unlikely to repeat itself as the federal reserve have raised interest rates, which has sent the market down this year although it has recovered slightly. So this inflow of money is not going to be repeated event, unless of course the government continues to debase the dollar.
- California raised taxes, which leads to a temporary gain, but many high net worth individuals and companies have left California, meaning that the next big evolution in technology is more likely to help an outside of Silicon Valley. California has a drain on their tax base.
- 31 billion stolen from California EDD by criminals. 31 billion, of course the media won’;t tell you that, but that is gross negligence maybe brought on by affirmative action hiring. The scammers and thieves will be reaching back into the honey pot.
- California has turned into a place where people associate homelessness, rampant drug use, and high taxes. That’s all part of the reason why there has been a net outflow of population from the state.
So let the politicians crow all they want about their budget surplus, it’s not going to last for the reasons that I outlined. It’s a poorly run, woke state, led by morally corrupt politicians.