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Thread: Brown Tax Increase Gains Urgency as Deficit Rises to $16 Billion (California)

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    Brown Tax Increase Gains Urgency as Deficit Rises to $16 Billion (California)

    http://www.businessweek.com/news/201...-16-billion#p1
    The nonpartisan Legislative Analysts Office said Feb. 27 that Brown’s budget overestimated tax revenue by about $6.5 billion because it relied too heavily on capital gains and other types of income taxes.

    /snip

    The plan would temporarily raise the statewide sales tax, already the highest in the U.S., to 7.5 percent from 7.25 percent. It would also boost rates on income starting at $250,000. Those making $1 million or more, now taxed at 10.3 percent, would pay 13.3 percent, the most of any state.

    When does California's money problems become everyone's money problem? How is this state so in the hole?
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    Re: Brown Tax Increase Gains Urgency as Deficit Rises to $16 Billion (California)

    Im going back to Cali...I dont think so...

    Another 100k about to drop off the uninsured tallies. Not because they have found jobs...but because they have run out of benefits. Yes...The state has money...they are also a bloated socal (social) services offerer. But it's OK because the magic welfare fairy will bail them out.

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    Re: Brown Tax Increase Gains Urgency as Deficit Rises to $16 Billion (California)

    We rented a car in San Diego, for ONE DAY, and the CA taxes and fees were $30.....
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    Re: Brown Tax Increase Gains Urgency as Deficit Rises to $16 Billion (California)

    California's problem is that they believe the state should provide almost every single service you can think of.

    They at least attempted to cover these services with new taxes, hence why California has the highest tax rates and fees imaginable, at every municipal level.

    Unfortunately for them, the people want it both ways. Lower tax rates with increased services.

    As usual though, the government hasn't figured out that people will move away from taxes nor that the government doesn't need to provide everything under the sun.

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    Re: Brown Tax Increase Gains Urgency as Deficit Rises to $16 Billion (California)

    IMO California's real problem is that it fully embraced the ballot initiative, which sounds like a great idea in theory, but in practice is nothing but an open door for special interests to bypass the already pliant legislature.
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."

    -- Adam Smith

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