California Lawmakers Applaud Facebook IPO

SACRAMENTO (AP) — State lawmakers are hailing Facebook’s much-anticipated stock offering as a potential windfall for California’s cash-strapped treasury, while some already are saying the extra revenue should go to preventing cutbacks to public schools.

Republican minority leaders Bob Huff and Connie Conway issued a statement Wednesday saying the state should use the expected tax revenue “to protect our public school students from the governor’s trigger cuts and pay down the state’s debt service.”

Senate President Pro Tem Darrell Steinberg, a Democrat from Sacramento, cautioned that it’s unclear when tax revenue from those reaping the benefits of Facebook shares will reach state coffers.

The nonpartisan Legislative Analyst’s Office has said the state stands to reap hundreds of millions of dollars.

The Silicon Valley social networking giant says it wants to raise $5 billion.

(Copyright 2012 The Associated Press.)

  • Fred

    Yeah, these vampires can’t wait to carve off a big chunck of somebody else’s money so they can waste it on more of their stupid social engineering programs.

  • Wak-A-Do-Central

    there’s sound fiscal policy – “let’s wait until the next windfall comes before we do anything responsible about the fiscal mess we’ve created”

  • Cowboy

    Like it will really make a difference … the IPO will bring in a large tax revenue … but our idiots under the dome will still spend more than what comes in.

    Morons, each and every one.

    • derF

      They should all be prevented from breeding so as to stop the decline of societal intellect.


    We need that money to go to welfare. I am a PROUD CALIFORNIA WELFARE RECEIPIENT and I NEED A RAISE!! So gimmie gimmie gimmie

  • nothingchanges

    I was hoping that he would have reconsider and move to Nevada or Arizona, That would have been funny as f*** !

  • Natasja

    Dorothy, I am working on gtiteng a bigger place than my living room to host. Let me get back to you on how many people and if there will be a cost. I do ask that the second class you bring 25 non-insert coupons with you.

blog comments powered by Disqus
The Taz Show
LIVE: Monday through Friday from 6am – 6pm ET

Listen Live