"I have been fooling myself with the idea that tax resources and the development of new revenue can keep within hailing distance of the desire to spend public money. For some years I have been actively engaged in methods to develop supplemental revenues to meet ever-increasing demands of government for money. The battle has been lost and the spenders are in possession of the field, as witnessed by the substantial deficit at Sacramento."
State Controller Ray Riley, "Why Government Is in the Red," The Tax Digest, April 1936.
Cal-Taxletter May 9, 2008
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