It must be silly season in Sacramento. As the state receives billions in unanticipated revenues, liberal tax-and-spend lawmakers are proposing massive tax hikes, proving once again that they are out of touch.
One key measure of reality ignored by liberal lawmakers is Tax Freedom Day. Calculated annually by the Tax Foundation, Tax Freedom Day is the day Americans have earned enough money to pay their annual tax obligations at the federal, state and local levels.
This year, National Tax Freedom Day arrived on April 24, but Californians didn’t achieve tax freedom until May 3. California’s Tax Freedom Day is the fourth latest in the nation. Only Connecticut, New Jersey and New York have later dates.
By proposing higher taxes, liberal legislators are trying to make taxpayers work even longer to pay their tax bills.
The other reality ignored by would-be tax hikers is that due to the state’s volatile tax structure, a booming tech sector and soaring stock market, state officials are now swimming in cash.
In the critical month of April, state income tax revenues exceeded projections by $1.8 billion.
Just how much money is that? If state… Read More