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It is going to explode in the next 5 years.State retirees are owed in California ... get this - I am not making it up ... a total of $500 billion (with a B) in unfunded benefits.The state has the 2nd highest income tax in the nation, the highest sales tax, one of the highest corporate and business taxes, and combined, the highest taxes of any state in the nation.It cannot pay its bills.
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