Poor California

Passed a tax bill on the rich to pay debts. The Poli's decided to spend on a train they cannot afford. Coincidentally they are buying at high prices (read profits) lands from other politicians. Nancy Pelosi's husband is making a mint from his profits. Lucky her!

They also had an auction on their first cap and tax credits. It was supposed to bring in close to a billion dollars. It got $140 million and announcments of many companies and smelters closing. Over 120k jobs just got announced as ending.

In related news companies are stashing money fast before next year, properties are being sold and the rich are moving out of high tax States (read California) into no tax States. They are moving in what's being called a tsunami as properties are being dumped, assets down sized, and stocks with gains being moved away from in prep for tax hell.

Finally the Pension and Pay raises Davis did are coming to a head with 50% of the payroll in the State headed to Government programs, jobs and pensions. There are 4000 cops, who if they did not spend it foolishly, are multi millionaires in California with pay as high as $800,000 a year (oh and benefits!)

California is about to lose much of its revenue and they won't be prepared.

Btw Democrats think if total payroll is X and you riase taxes it is merely X-new taxes. Sorry this is far from true.