Arnold's Cuts Would Make California "Unrecognizable," Nearly All Target Poor Residents | WHAT REALLY HAPPENED

Arnold's Cuts Would Make California "Unrecognizable," Nearly All Target Poor Residents

“Government doesn’t provide services to rich people,” Mike Genest, the state’s finance director, said on a conference call with reporters on Friday. “It doesn’t even really provide services to the middle class.” He added: “You have to cut where the money is.”

Webmaster's Commentary: 

Oh, yeah?!?

What about tax breaks for the wealthy and major corporations?!?

As reported in:

"One of the aspects of the political economy of last 30 years has been tax cuts for the wealthy. This ensured that government was starved of revenue in the bad times, and unable to catch up, not to mention get ahead by providing adequate services and saving for a rainy day in the good times.

California has been the poster child for this. Since 1978 we have steadily excluded wealth from taxation. Since 1993 we have given $12 billion in tax cuts and tax breaks. Corporate taxes were around 9% in 1981 and are now below 5%, yet corporations have provided neither wage growth nor stable jobs to the state, and our core services are underfunded.

As a result the poorest among us now bear the largest share of the tax burden. The lowest 20% income brackets pay 11.7% of their income in state and local taxes, whereas the top 4% pay only 7.1% of their income. The result is that lower income Californians have a higher tax burden - but get less in return for those taxes. Our income tax is also flawed in that there is only one bracket for people making between $47,500 and $999,999."

If you don't find that this qualifies as "services" for the very wealthy, I don't know what does.