The great California tax hoax: $577 billion in hidden assets never revealed to votersSubmitted by legalizeliberty on Sat, 12/08/2012 - 17:25
(NaturalNews) Is California really as bankrupt as its governor claims? Not if you believe in mathematics and accounting. As this story shows, California has hidden away $577 billion in assets, all revealed in CAFR documents (Comprehensive Annual Financial Report) that are becoming increasingly well-known.
California's government, you see, has two main funds in which money is kept. The first fund, which is bankrupt, covers all government activities and expenditures. But the second fund -- the hidden "slush" fund with $577 billion in assets -- holds all the money the government generates by conducting "nongovernmental" businesses and activities that aren't officially part of the government. This money is hidden from California's taxpayers who are repeatedly lied to and told they have to pay more in taxes to prevent the state from going broke.
Click here to see a complete listing of all the nongovernmental funds that Californians aren't being told about.
This list includes organizations and assets such as:
• Independent System Operator: $876 million
• The Economic Recovery Bond Sinking Fund: $484 million
• Receipting and Disbursing Fund: $16.6 billion
• State Water Pollution Control Revolving Fund: $3.1 billion
• Financing for Local Governments and the Public Fund: $5.2 billion
California's criminal government hides hundreds of billions of dollars in these funds, then uses that money to hand out juicy contracts to their crony friends and political supporters while financially soaking all the businesses and taxpayers in the state who are trying to make ends meet.