l****z
发帖数: 29846 | 1 California Budget Hurt by Facebook's Stock-Price Slump
By VAUHINI VARA
Facebook Inc.'s disappointing IPO has claimed another victim: California's
budget.
Aides to Democratic Gov. Jerry Brown last week lowered their estimate of how
much revenue the state will get from Facebook's initial public offering by
nearly one-third, to $1.3 billion in the three years ending in June 2014,
down from $1.9 billion.
The change, included in Mr. Brown's proposed budget for the fiscal year
beginning July 1, resulted from "lower than expected share prices" after
Facebook's May IPO, which occurred just weeks after the state had issued its
earlier estimate.
Facebook didn't immediately respond to a request for comment. Its share
price has fallen 21% to $29.85 since it made its debut at $38 a share.
According to the budget document, the state projected three sources of tax
revenue tied to the share offering: stock sales by early investors, vesting
of restricted stock after the offering, and the exercise of some stock
options, beginning at the time of the IPO.
But Facebook's lower share price means those transactions are generating
less income that can be taxed.
Restrictions on sales by Facebook insiders began to lapse in October 2012.
At the time, Facebook shares traded at $23.21, compared with the state's
earlier estimate of $35, according to H.D. Palmer, a spokesman for the state
Finance Department.
As a result, he said, the state now expects $581 million in taxes from
vesting of restricted stock, compared with an earlier estimate of $891
million.
Restricted stock is taxed based on the value of the shares when they vest. "
The stock price fell fairly significantly from when they made the first
estimate," said Steve Levy, an economist who studies the California economy
and budget.
Mr. Levy said the estimate could rise again when the governor releases a
revised budget in May because of a recent uptick in Facebook shares.
IPOs play a significant role in California's finances because the state
receives a disproportionate amount of revenue from income taxes on high-
income earners, including taxes on capital gains that are taxed at the same
rate as wages.
Still, the Facebook IPO is expected to have a relatively small impact on the
budget as a whole. In the three fiscal years ending in June 2014, the state
expects revenue of $281 billion.
Write to Vauhini Vara at v**********[email protected] | l****z
发帖数: 29846 | 2 Frank Owens Wrote:
The idiots in Kalifornia have done it again. They have counted their
chickens before they hatched, and now they have egg all over their faces. | l****z
发帖数: 29846 | 3 AL MOFFATT Wrote:
I live in CA. Liberals are amazing. They bash the private sector and do
everything to thwart their success, but in the same breath count on their
tax revenues to pay for their welfare state. Amazing, absolutely amazing.
Or to paraphrase Jack Nicholson in the movie As Good As It Gets: "How do you
know so much about liberals?" he's asked. Jack replies, "Simple. I start
with a conservative and remove all sense of logic and reason." | l******t
发帖数: 12659 | 4 nice comment, :)
you
【在 l****z 的大作中提到】
: AL MOFFATT Wrote:
: I live in CA. Liberals are amazing. They bash the private sector and do
: everything to thwart their success, but in the same breath count on their
: tax revenues to pay for their welfare state. Amazing, absolutely amazing.
: Or to paraphrase Jack Nicholson in the movie As Good As It Gets: "How do you
: know so much about liberals?" he's asked. Jack replies, "Simple. I start
: with a conservative and remove all sense of logic and reason."
| a***s
发帖数: 5417 | 5 喜欢把收入的每一分钱都用光光的人总是喜欢把未来的收入往大了估算，
然后列出一大单子shopping list. 结果是经常面临这样的困境，就是预算的收入突然
减少，从而付不出帐单。
【在 l****z 的大作中提到】
: Frank Owens Wrote:
: The idiots in Kalifornia have done it again. They have counted their
: chickens before they hatched, and now they have egg all over their faces.
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