SACRAMENTO – George Runner today issued the following statement in response to the Legislature’s approval of a budget:
“The Legislature should be commended for approving an on-time budget and exercising some measure of restraint.
“However,
the success of this budget hinges on the decisions of a very small
number of overtaxed Californians, their continued presence in California
and their success in the stock market.
“According
to the Franchise Tax Board, the highest one percent of income earners
will pay more than $2 billion less in 2013 than 2012. That’s not
surprising. A recent survey found 75 percent of affluent Californians
are planning actions to reduce their tax liabilities—and a quarter are
considering moving out-of-state.
“It’s
troubling that the volatile personal income tax accounts for 63 percent
of budget revenue. Just one percent of California taxpayers now provide
nearly half of all income tax payments the state receives.
“You
can’t tax your way to prosperity. To create true budget stability,
California must attract jobs and investment to our state rather than
drive them away.”
Elected
in November 2010, George Runner represents more than nine million
Californians as a member of the State Board of Equalization. For more
information, visit www.boe.ca.gov/Runner.
