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Californians Reject Cigarette Tax

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Description
FBN’s Stuart Varney sounds off on the Golden State’s efforts to up taxes across the board.
Duration 1:39
Date Jun 7, 2012

This transcript is automatically generated

All right I'll say it may be -- been wrong.

For two years I've been saying there is no hope for the formally Golden State now.

-- -- a glimmer of hope here's my take on three recent votes in California.

As -- reported the cities of San Jose and San Diego voted overwhelmingly to control the pensions paid to city workers.

The public sector unions all very powerful in California and vigorously opposed these pension restrictions they lost big even in California.

Times may be change.

And then there's the vote on raising the tax on a pack of cigarettes by one dollar with a few votes still to be counted proposition 29 is losing.

Think about it that's attacks that California's appear to be rejecting Nazi about the fall at his attacks on the evil tobacco to groups.

Is it possible that come November Californians will reject the massive tax increases that are on -- state ballot possible.

Support his new England and that's remarkable.

For years Californians have eagerly voted for any tax increase any environmental restriction.

Any bullet train boondoggle that came along.

But that was then this is now.

Seventeen billion dollars worth of deficit and rising.

Some of the highest taxes in the land that I'm one of the highest unemployment rates millions of talented people leaving the state may be.

Maybe just maybe reality is sinking -- They really have run out of all the peoples money.

This is significant if California shifts and the rest of the nation may do the same.

Yes.