One is that too much of California’s state revenue now comes from income taxes and not enough from other levies like the sales tax. Like others, Lockyer believes this is one reason California continues to see a net out-migration to other states, even as foreign immigration fuels some increases in population.
He also used the word “alarming” to describe the ever-increasing income gap between rich and poor Californians. Another way to view that gap is as part of the gulf that has developed between coastal and inland Californians.
Monday, December 23, 2013
Warnings from Bill Lockyer, California’s truth-telling treasurer: Thomas Elias
Nothing new here, but it all still bears repeating. And I keep wondering when it will all implode.