California Has a Spending Problem: Lee Schalk on American Family News
California does not have revenue problem. California has a spending problem.
Lee Schalk, ALEC Vice President of Policy, told American Family News Radio this week that a proposal in California to tax the “ultra rich” doesn’t address the state’s real problem – lack of fiscal discipline.
AFN News: California Democrats want to tax what they call the Ultra Rich, even those that left the state. AFN Chris Woodward has more. One could start as early as next year for people with a worldwide net worth above $1 billion could extend to people worth $50 million in 2026. Economist Lee Schalk of The American Legislative Exchange Council says California does not have an income problem. California has a spending problem.
Lee Schalk: Last year, California had a $97 and-a-half-billion surplus. Fast forward to today, and California is facing a projected $24 billion deficit. And so that’s why you’re seeing sort of these desperate proposals come out of the legislature and in this case, targeting the high earners the wealthy individuals.”