Fox Business
Expand
Browse All Video
Watch Live

You're watching...

Golden State Lowers Estimates on Tax Revenue

Details

  • Description

    Author Mike Reagan on California’s efforts to raise tax revenue.

  • Duration 3:53
  • Date

Clips

Also in this playlist...

Latest Video

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

His plan to raise the sales tax on the income tax on the wealthy will bring in -- seven billion dollars a year.

The key financial advisors to the state legislature -- strong cold water all over backs.

They say brown is overestimating that by many billions of dollars won't bring in the money.

Today he thinks it will.

Is there another voice of reason in California yes ladies and gentlemen there is and his name is Mike Reagan.

And he is the original voice of reason and is back -- those again.

I'm Mike this really is a reality check in California.

Because the government thought he was gonna bring in what seven billion from taxing millionaires and now that front towards roll over and you too heavily.

We other.

-- other taught by a -- bring in five billion dollars in no more than five point five billion dollars.

Tell your 2017.

You know the never seem to get it right in Sacramento.

And what -- -- we're not talking about is affected judges ruled recently.

That the health care cuts in the last budget are unconstitutional so.

This budget is gonna be completely thrown to the wind.

This state of California think about raising taxes on people making two -- 50000 dollars or more if she's the Democrats are stuck in this 250000 dollars or more.

-- -- Now those people making that kind of money saw other income dropped by 8%.

During this last recession.

759000.

Jobs data California were gone in the private sector.

The governor is just wanted to cut 3000 people -- the state budget.

That's one point 3%.

And short if things don't work out for you Fox Business what we take what they paid the average -- to a California -- 81000.

Dollars a year is what they're -- Well if they don't bring in the money from this proposed tax increase and they're already looking at a nine billion dollar deficit for the state budget.

I presume the end result it is walks massive costs of government state government employees.

All -- on a backdoor bailout from President Obama.

All walks -- -- We're in for that they're hoping for that I mean if Obama -- the election next year of exactly what they're hoping for is a bailout from the Obama administration.

But their -- touched by state if you don't vote for the increase in taxes -- -- you there's more people in this state.

Not making 250000.

Dollars year as there are making that and there are all going to be able to vote November whether to raise tax than those making 250000.

Dollars -- now the top 1% here.

Pay 40% of the taxes now.

-- so what's gonna happen is very simple.

Build a bigger house -- New Jersey we're move and.

-- pool and a big castle might you might want to just get what you wish for that a -- wanna just change subjects for a second and go back to your -- When he was elected in 1980.

I I don't know whether he got Wall Street money -- -- but I'm pretty Sheila that Wall Street money was not as important back in 1980.

As it is now.

That's correct.

Oh no we have the campaign finance reform was -- caused all of these things.

Back in 1980 but I won't tell you when he ran for governor they didn't have the campaign finance was one of this people want people to -- -- campaign.

Gave him 40000 dollars in cash one day.

My dad picked up the brown Paper bag with the money it -- it back at the man hit him in the chest and swore he wouldn't run for governor of California he thought that -- thought it was buying.

A governor of the state of California took three days yup my dad back into that office and have that -- -- promised my father he would not ever call him.

They have you do any bidding on his behalf.

As governor of California that -- Justin Dart Rexall drunks.

We miss you dad and that's a and I'm sure everybody else all we do and we do.

-- Reagan thank you very much for joining us it was a pleasure thank you thank.

Load More