Saturday, February 20, 2010

A "Lockbox" for State Tax Revenue?

From this week's article at my CAIVN column:

Just like we blister at the possibility of someone spending their entire life paying into Social Security, then having their age eligibility raised and their monthly checks cut in half when they hit retirement, we should find it outrageous that the State of California pays more into the Federal coffers than it receives. California should get back roughly the same amount of Federal money in entitlements, projects, and Federal services that it pays in Federal taxes. Should there be some kind of "lock box" for states? Could there be? Could we feasibly account for every dollar California pays into the Federal system and make sure it gets roughly the same amount back?

Read the whole article here.