So Much For Increased Tax Revenues

Remember all the hopes of increasing tax revenues? Fuggedaboutit:

State tax collections plummeted unexpectedly in April, wiping out months of steady gains that legislators hoped would ease their budget troubles and restore California’s economy faster than experts predicted.

Such hope is now fading fast.

Revenue for April, the biggest revenue month because it is when most Californians pay their taxes, lagged projections by nearly 30% – roughly $3 billion, according to state officials. The drop was steep enough to erase improvements recorded in each of the four previous months. (LA Times)

This means more painful cuts to services throughout the state (meanwhile Arnold thinks it is best to waste $2.5 million on a special election in SD-15).

Don’t expect any budget votes to come easy this summer