I stumbled across a new depressing California factoid to consider. Comparing the second quarter of 2009 with 2010, California corporate income tax receipts dropped a breathtaking 41.6%. That is a stunning reduction in one year. Only rust belt Ohio was worse.
Now I know what you’re thinking — we’re in a recession! The nation is suffering.
Well, yes and no. 46 of the 50 states have a corporate income tax. During this period, 20 of these 46 states saw their corporate income tax receipts INCREASE.
With California’s unique AB32 global warming law becoming effective in 2011, we soon should be able to sprint past Ohio in our race to the bottom.
http://s.wsj.net/public/resources/documents/st_STATEBUDGET100414_20100414.html