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Fitch: California on the Right Path

California's finances are improving in the wake of two revenue-generating ballot propositions passed last month, and more fiscal reforms would be "viewed positively," according to Fitch Ratings.

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Comments (1)
Fitch is underestimating the destructive power of levying higher taxes on higher earners and corporations. The result will be an acceleration of emigration out of the state by companies and individuals, especially the more successful ones. This failed policy has been tried before in Illinois and New York, and the results do not mend these states' fiscal mess but, rather, makes them worse, as revenues inevitably fall short of projections and the legislatures spend those projections and more!
Posted by mdwjr | Friday, December 07 2012 at 5:43PM ET
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