Nova78
Gold Member
- Dec 19, 2011
- 4,095
- 1,935
Under the leadership of Governor Gavin Newsom, California has gone from a fiscally sound and strong economy to one that is following in the footsteps of Washington D.C., mired under mounds of debt. $31.5 billion to be exact.
These numbers are enough to give anyone whiplash considering this time last year, the state was wondering how to spend a record $97.5 billion surplus.
What caused a $128.5 billion swing?
The general fund of the state funds most of its state programs. The revenues to fill that fund come from a variety of different sources, the biggest contributor being personal income taxes.
The amount of high worth Californians that have fled the coastline of California, from San Diego to San Francisco, where most of the money in the state resides, took their income with them, and as a result, state revenue.
And many of those individuals, such as Elon Musk, didn’t leave their businesses behind. Tesla, Hewlett-Packard, and Oracle have all left the temperate west coast weather for the heat and humidity of Texas. Apparently, ideal weather is not enough of a reason to take a million-dollar hit on your business.
In 2021, California lost 153 companies who moved their headquarters to states with more business friendly environments such as Texas and Florida. From 2019-2022, California lost eleven Fortune 1000 companies.
Although they probably won’t advertise this, even Disney moved more of its employees to Orlando from its Burbank headquarters.
Wow and this guy thinks he can be President.
That’s a lot of money being siphoned off from the Golden State.
These numbers are enough to give anyone whiplash considering this time last year, the state was wondering how to spend a record $97.5 billion surplus.
What caused a $128.5 billion swing?
The general fund of the state funds most of its state programs. The revenues to fill that fund come from a variety of different sources, the biggest contributor being personal income taxes.
The amount of high worth Californians that have fled the coastline of California, from San Diego to San Francisco, where most of the money in the state resides, took their income with them, and as a result, state revenue.
And many of those individuals, such as Elon Musk, didn’t leave their businesses behind. Tesla, Hewlett-Packard, and Oracle have all left the temperate west coast weather for the heat and humidity of Texas. Apparently, ideal weather is not enough of a reason to take a million-dollar hit on your business.
In 2021, California lost 153 companies who moved their headquarters to states with more business friendly environments such as Texas and Florida. From 2019-2022, California lost eleven Fortune 1000 companies.
Although they probably won’t advertise this, even Disney moved more of its employees to Orlando from its Burbank headquarters.
Wow and this guy thinks he can be President.
That’s a lot of money being siphoned off from the Golden State.