Fox Business
Expand
Browse All Video
Watch Live

You're watching...

California’s Tax Hike a Revenue Blunder

Details

  • Description

    Author Mike Reagan on the lack of tax revenue in the Golden State.

  • Duration 3:48
  • Date

Clips

Also in this playlist...

Latest Video

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

Data from California while they're actually taking a less money after raising taxes on just about every one their Mike Reagan is here.

Mike does something tells me that I got surprise we're not surprised -- up.

It's incredibly.

It's really incredible and -- the first question of course.

That's is making even it's further to moving ultimately what Stewart.

You know.

If you cut rate cut de -- courtroom -- I think you look at the story that I sent back to you about California -- -- what 19% less money last month.

The didn't -- the year ago.

And and we have this conversation on this show just a few weeks ago when California was started back all look at all the money you just came written by guys -- were back in the black we're doing great.

-- -- -- I said that everybody got caught with a retro active proposition thirty.

Now they've had time.

-- in fact deal with that talk to -- accountants and guess what less money going in to the state state coffers.

You've got Los Angeles 200 billion dollars in debt filming people showed up to vote for a new mayor 16%.

Of the people.

In this area.

Showed up to vote for a new mayor that's how much we don't care about what's going on in Los Angeles this -- -- million dollar -- At 10 thanks -- earlier in the John stops we'll talk about bills.

Sacramento.

Three Fridays ago.

The state legislature by -- you put down all -- legislation for 2013.

All over 2000.

Pieces of legislation.

Thirteen hundred from the assembly.

800 from the senate and -- constitutional amendment.

It's it's it's absolutely incredible that they've as a wanted to ask you are like I let you know when the federal government has bragging about all the money gets bringing it right records initially when -- raise taxes that looks great for the first several months or so because you're always -- income.

But what you don't see are the businesses packing up and not expanding and moving on.

Are you seeing more folks more businesses in California moving to other states have lower taxes.

That's exactly what's going on -- you've got this big battle now between you know Texas is going coming in here looking for people.

Or -- put companies if you will -- -- coming in Washington's coming in.

And people are moving -- about seventeen business -- a -- -- in the state of California what -- your shoes when they go to the numbers -- tell you there's fourteen million.

Taxpayers.

In the state of California and I -- about that they're thirty million people who live here.

While only fourteen million -- -- taxes what are the other sixteen million people in fact doing and so people are leaving -- going to Arizona going to Nevada.

Going to New Jersey to live with the market.

Yeah you know migrate and -- some.

What is -- feedback you're hearing from that taxpayers in California are they waking up are they noticing what's going on in Sacramento.

Are they getting -- that what is it wrong with the tax structure and the state what are you hearing.

Well if if if there's a good side to it last Tuesday and in the election last Tuesday the fact -- they didn't vote to increase sales taxes once again.

And in Los Angeles and they're trying to do to have the mayor was furious with the course losing our fire department -- -- department also sounding familiar.

No I don't think they've really woken up yet and what you have is a two thirds supermajority.

In Sacramento.

Of in fact Democrats right and that.

Causes a problem because they -- do anything and everything they in fact wanted to know might want to think California's woken up to this yet.

But the market and they will rue the day to vote to raise taxes in November -- as much as I -- -- for you to move into New Jersey -- hang out you sometime we probably need you to stay there and be that alarm clock is got to go off sooner or later we appreciate -- keeping us up on all of this thanks lie about it I love being a canary.

-- -- -- It's a warrior not a well it's --

Load More