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Governor at LAEDC

The Governor spoke to the Los Angeles Economic Development Corporation about the budget and taxes. The Governor’s website provides a lengthy transcript, but here is one choice comment I pulled out:

Now, there are people that say, “Well, why don’t we raise taxes?” Well that would be the worst mistake, because this problem that we have cannot be corrected through taxes, because every three to four years you have this situation where it goes out of whack, where the spending goes higher than the revenue is. So if every three or four years, or five years, you would increase taxes, by now, if you go back a few decades, by now we would be at 100 percent paying taxes. You will wipe out the economy and everything. So that’s why I say it’s not like taxes is a villain, but it’s just this particular problem, you cannot tax your way out of that problem.

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