Inconceivably, faced with a massive deficit, Arnold Schwarzenegger, the Worst Governor Ever, pushed through massive corporate tax cuts for the state's largest Corporations. Two Billion dollars a year in corporate tax cuts that will go overwhelmingly to large multi-national corporations, including giants like Disney, Warner Brothers, Intel,and Apple.
This amounts to a 25% cut in corporate taxes, but it doesn't go to small businesses, just to the largest and the richest who will now be able to choose the most advantage formula for paying taxes.
The California Budget Project has now worked with the State Franchise Board to estimate the cost of the dead-of-night tax giveaways that Arnold and his Republican cronies forced into the budget negotiations earlier this year. There were no hearings on these bills, and they sure as hell didn't let the people vote on them.
How many Californians would have voted to slash education spending and close hundreds of state parks so that the largest multi-national corporations could get massive new tax cuts?
The Governator is forcing layoffs of tens of thousands of teachers, thousands of local police and fire, killing AIDs patients by taking away their drugs, closing most state parks, and denying critically needed home health services to the disabled and elderly. If Arnold is successful, he will finally accomplish Reagan's dream by completely eliminating welfare in California.
Arnold shed crocodile tears and said he cared about the people, but it's obvious that his real interests are in line with the Hollywood studios, who are some of the biggest beneficiaries of these complex corporate giveaways.
Most of California's current budget crisis has been caused by the reckless tax cuts and borrowing that the Governator pushed through, leaving us reeling financially when the Great Recession hit.
Arnold and the Yacht party bailed out multi-national corporations in advance of slashing services to the poor. It's class warfare, pure and simple.
While these new tax cuts won't fully kick in for a few years, they further destroy California's long term financial prospects, and are part of a Shock Doctrine campaign.
Our Democratic legislative leaders acquiesced to this and once again got pantsed by the regressive Yacht Party and their corporate contributors.
WORST GOVERNOR EVER!
If you live in California, you won't read these stories in your local paper or hear them on the news. Instead you'll hear consistent lies that our problems were caused by out-of-control spending.
In fact, our problems are caused by a constitutional straight-jacket coupled with an extremist Republican party determined to break unions and savage government. The "out-of-control spending increases" were driven by tax cuts booked as expenses and borrowing to pay for the tax cuts.
Contact your legislators and let them know we're tired of this shit.