The article from Bloomberg. http://www.bloomberg.com/news/2012-02-10/calif-jan-tax-revenue-528m-below-estimate.html
There are two tremendous bright spots for California.
The first is the stealth bailout package, or the 25 billion dollar mortgage settlement that allows all of the fraud committing bankers to get off the hook for peanuts. Four billion of that settlement will go straight to Los Angeles. http://www.nbclosangeles.com/news/local/Mortgage-Relief-Settlement-Los-Angeles-Kamala-Harris-139134634.html
The Facebook initial public offering will offer an absolute tax windfall for California. Company insiders, like that schmuck Zuckerberg, may have to pay billions in taxes. Since he certainly qualifies as elite- on many fronts- he will be doing his damndest with an army of accountants charged to find loopholes and ways of avoiding taxes. http://blogs.sacbee.com/capitolalertlatest/2012/02/california-to-reap-taxes-from-facebook-ipo-but-hard-to-say-when.html