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How Silicon Valley could save California—the IPO theory

Monday, January 16, 2012

imageThe LA Times’ Anthony York lays out why the future of California’s public schools, universities and health programs—with their anemic budgets—could depend largely on how well a bunch of highly-anticipated Silicon Valley IPOs do this year. Here’s an excerpt, referencing just one of them:

…legislators, who note that it's not unheard of for a single company to boost the state's budget, are hoping Facebook will do for California what Google’s IPO did in the last decade. Capital gains tax receipts from stock sales rose to $54 billion in 2005, from $39.7 billion in 2004, the year Google went public, according to Franchise Tax Board figures, although it is unclear how much was due to Google.

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