“The Great Train Robbery,” California Version

Wolf Richter www.testosteronepit.com
The hoped-for April spike in personal income tax revenues for the State of California fell once again below the overoptimistic assumptions used to get the budget to “balance.” Instead of the $9.4 billion that the government had counted on collecting in April, it only collected $7.4 billion, according to the nonpartisan Legislative Analyst's Office. A 21% shortfall! In addition, corporate taxes were $450 million below forecast. After months of

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