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Maxed out your credit cards? You need more revenue!

August 12, 2010

David Brunori addresses the just-enacted bailout of insolvent states:

But the big beneficiaries of this law will be California and Florida and other states that have enacted draconian tax limitations over the past decades. And that is outrageous. California citizens chose to limit their property taxes and make raising state taxes very difficult. Now the state does not have money to pay its teachers. But why should I, a resident of Virginia -- a state with no tax limits, have to pay for teachers or health care in California?

Why, indeed? But California's problem isn't a lack of revenues, as the Tax Foundation illustrates:

20100812-1.jpg

The problem is the spending, starting with an insanely generous public-sector pension system and out-of-control public employee unions.

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