California Tax Revenues Miss Projections By $1 Billion As Residents Flee The State

from Zero Hedge

Tax revenues for the state of California have come in nearly a billion dollars below projections, which is causing Governor Jerry Brown to amend his $171 billion spending plan that was just proposed in January.

As Reuters reports, California’s tax revenues came in $869 million less than forecast for the first four months of the year. Governor brown is now expected to cut some of the proposed spending increases in education, healthcare and infrastructure as a result of the miss.

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