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April Tax Revenues Falling $2 Billion Short

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(Sacramento, CA)
Monday, April 30, 2012

Even before April began, state revenues were already about $1 billion short.  Now, says Jason Sisney with the Legislative Analyst's Office…

Sisney: "We may be about $3 billion behind the track that the governor expected."

That means the $9 billion dollar deficit Brown announced in January will almost certainly go up.  Sisney says lower capital gains and corporate taxes are the leading causes of the shortfall.

Sisney: "That is a very troubling trend and it means potentially much less revenues for the state - not just this year but into the future."

The governor's updated budget proposal - and with it, the state's new deficit figure - is due out in the next couple of weeks.

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