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Laffer Associates, the economics firm run by supply side economist Arthur Laffer, says in a new report that California faces a massive budget deficit through fiscal years 2008-2009. The deficit could be $16 billion. "Thanks to stagnating/declining revenues and out-of-control spending, many California local governments will face extreme budgetary pressures," says the think tank. "If property values continue to fall or the economy slows further...we could see some bankruptcies at the city level for the first time in 17 years." Laffer Associates moved from San Diego to Tennessee a year ago. Laffer says that, generally, people migrate to low tax states and leave high-tax ones. Between 2000 and 2007, 1.2 million people left California. According to the Tax Foundation, all kinds of taxes take 34.3 percent of income in California. That is eighth worst in the nation. Connecticut is worst at 38.3 percent. California has the highest sales tax at 7.3 percent.
Laffer Associates, the economics firm run by supply side economist Arthur Laffer, says in a new report that California faces a massive budget deficit through fiscal years 2008-2009. The deficit could be $16 billion. "Thanks to stagnating/declining revenues and out-of-control spending, many California local governments will face extreme budgetary pressures," says the think tank. "If property values continue to fall or the economy slows further...we could see some bankruptcies at the city level for the first time in 17 years." Laffer Associates moved from San Diego to Tennessee a year ago. Laffer says that, generally, people migrate to low tax states and leave high-tax ones. Between 2000 and 2007, 1.2 million people left California. According to the Tax Foundation, all kinds of taxes take 34.3 percent of income in California. That is eighth worst in the nation. Connecticut is worst at 38.3 percent. California has the highest sales tax at 7.3 percent.