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California newspapers, most financially bankrupt, have finally figured it out--California is bankrupt, Sacramento is out of control and government needs to cut spending--quickly.
"We already are a relatively high tax state, ranking 10th in combined state and local taxes as a percentage of income. California has some of the highest sales and income taxes in the nation. Our business taxes are the highest in the West and property taxes are above average despite the relatively low rates.
California may be able to help close the current deficit with some short-term tax increases, but it cannot tax its way out of trouble. Higher taxes discourage economic growth and give businesses further cause to leave the state or expand elsewhere, as many have.
This state is going to have to become far more efficient in delivering basic services."
While the newspaper believes "short term" tax increases are needed--which will make the problems worse, they do understand a Federal bailout is the worse answer. Another bailout will assure more spending, less responsibility. Then next year beg for another bail out, from a corrupt, finally bankrupt Washington.
It is time to take our medicine, cut the bailouts, cut the taxes, cut the spending, cut the counterproductive policies like AB 32, cut the number of employees--end the furloughs and get honest.
More...
"We already are a relatively high tax state, ranking 10th in combined state and local taxes as a percentage of income. California has some of the highest sales and income taxes in the nation. Our business taxes are the highest in the West and property taxes are above average despite the relatively low rates.
California may be able to help close the current deficit with some short-term tax increases, but it cannot tax its way out of trouble. Higher taxes discourage economic growth and give businesses further cause to leave the state or expand elsewhere, as many have.
This state is going to have to become far more efficient in delivering basic services."
While the newspaper believes "short term" tax increases are needed--which will make the problems worse, they do understand a Federal bailout is the worse answer. Another bailout will assure more spending, less responsibility. Then next year beg for another bail out, from a corrupt, finally bankrupt Washington.
It is time to take our medicine, cut the bailouts, cut the taxes, cut the spending, cut the counterproductive policies like AB 32, cut the number of employees--end the furloughs and get honest.
More...