http://www.businessweek.com/news/201...-16-billion#p1The nonpartisan Legislative Analysts Office said Feb. 27 that Brown’s budget overestimated tax revenue by about $6.5 billion because it relied too heavily on capital gains and other types of income taxes.
The plan would temporarily raise the statewide sales tax, already the highest in the U.S., to 7.5 percent from 7.25 percent. It would also boost rates on income starting at $250,000. Those making $1 million or more, now taxed at 10.3 percent, would pay 13.3 percent, the most of any state.
When does California's money problems become everyone's money problem? How is this state so in the hole?