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+--- Thread: Did CA make a major error when assuming they'd gain $1.9 B in taxes from Facebook shares? (/thread-15446.html)
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Did CA make a major error when assuming they'd gain $1.9 B in taxes from Facebook shares? - pdooma - 10-15-2012 09:34 PM
Whoops. So much for the government not relying on the stock market.
"The most populous U.S. state’s $91.3 billion budget, signed by Governor Jerry Brown in June, counted on $1.9 billion in income-tax revenue from company insiders such as Chief Executive Officer Mark Zuckerberg exercising options or sell shares, assuming an average price of $35. Facebook, which touched $45 May 18, has averaged $29.49 on the Nasdaq stock market.
“Facebook share prices have fallen far below levels assumed in the state’s revenue projections,†the nonpartisan Legislative Analyst’s Office said yesterday in a report. If “the lower share prices persist through November and December, hundreds of millions of dollars of income-tax revenue assumed in the state budget plan are at risk.â€"
http://www.bloomberg.com/news/2012-08-02/california-says-tax-revenue-at-risk-from-facebook-drop.html
- pdooma - 10-15-2012 09:42 PM
LMAO
- teenybasket955 - 10-15-2012 09:42 PM
HAHAHAHA, i thought i'd seen it all but California keeps raising the bar for stupidity!
- Zachery G - 10-15-2012 09:42 PM
I think facebook made a major error when they thought their stock was actually worth anything.
- Real America - 10-15-2012 09:42 PM
Ha! California is the gift that keeps on giving.
- Masterfireman917 - 10-15-2012 09:42 PM
Leave it to dumbass California to budget in the projected stock price for a newly-listed .com company.
- Friendlydrug855 - 10-15-2012 09:42 PM
serves them tree-huggers right...
- Thedude27 - 10-15-2012 09:42 PM
Dont worry man they purchased $1,000,000 worth of CA lotto tickets, those will pay off for sure.
What other stocks do they have I want to make sure I dont own any of them?
- Al Bundy - 10-15-2012 09:42 PM
California = 55 safe Obama electoral votes
why can't you just come out & say this is why you hate California so much, cons?
- Oscar - 10-15-2012 09:42 PM
Their electoral votes did go to Obama in 2008, so you can't expect them to be smart enough to make good decisions.