#1 California was counting on Facebook tax revenue08-15-2012, 09:49 PM
Now this is dumb...
California was counting on Facebook tax revenue to make up for an expected shortfall due to other businesses leaving the state to avoid higher taxes. The state heavily relies on its corporate and personal income tax system to fund its budget. State tax collections fell by $6.1 billion, or down 11%, versus the same period in 2011.
Read more: http://www.foxbusiness.com/investing...#ixzz23faA7ISL
They set up their budget based on an internet stock????
08-19-2012, 10:32 AM
Send the lagging Tax Bill to Zuck.May the FORCE be with you!
08-19-2012, 11:06 AM
- Join Date
- Mar 2010
This is truly - TRULY - stupid.
Charles Payne explained it:
California leaders believed that (A) the stock would go up to 40 something and (B) insiders, who hold large blocks, would sell, thereby generating tax revenue.
Then they put the tax revenue into the California projections.
Stupid. Even my 17 year old grandsons understand the folly of this way of thinking..................well, one of them does; I'm not too sure about the other one.
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