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California bond rating downgraded. Crises growing.


CofCC.org News Team

Illegal immigration and hyper-zealous regulation of businesses have destroyed the Californian economy.

Standard & Poor’s reduced California’s credit score from an A+ to an A. This makes it the lowest rated state in the nation. Most states have a AA or a AAA score. This means that on a scale of 1-21, with 1 being in default and 10 being “junk bond” status, California how has a 15. A dismal score for a US state.

In 1978 state income tax provided 38% of state revenue. Now, because so many businesses have fled the state a staggering 51% of all state revenue comes from state income tax. California has one of the highest state income tax rates in the country. Last year state income tax revenue on capital gains totaled $11 Billion. However, the 2009 take is expected to be less than half of that.

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