Because of its insane deficits and inability to print money, California seems to be coming to its senses.
http://www.realclearpolitics.com/articles/2012/09/07/calif_voters_mull_whether_to_raise_taxes_on_the_rich.html
It has to balance its budgets.
So, some common sense tax hikes:
The Golden State already has the nation’s second highest personal income tax rate. Brown’s initiative would create three new brackets for taxpayers with incomes exceeding $250,000. At the highest level, for those making more than $500,000, Prop. 30 would impose a 12.3 percent tax rate, an increase of more than 24 percent over the current rate.
Prop. 30 also raises the state sales tax by a quarter-cent to 7.5 percent. Together, these increases would bring in $9 billion, according to Brown’s estimate, or $6.8 billion, according to the non-partisan Legislative Analysts Office. The difference stems from the volatility of capital gains income from high earners.
... combined with some common sense spending cuts...
In his latest incarnation as governor, Brown has been focused and determined. As Juliet Williams of the Associated Press observes, Brown “has made austerity a hallmark of his administration, telling state workers they must turn in their cell phones, selling off state vehicles, severely reducing employee travel and cutting billions from the general fund.” With all the cuts, many to welfare and Medicaid programs, state finances remain so precarious that the budget will be out of balance by roughly $15 billion if Prop. 30 fails.
It would be too much to ask our federal government to learn a thing or two from California, I guess...
07 Sep 12
Originally posted by sh76When you can print your own money and buy your own debt who cares about balancing budgets?
Because of its insane deficits and inability to print money, California seems to be coming to its senses.
http://www.realclearpolitics.com/articles/2012/09/07/calif_voters_mull_whether_to_raise_taxes_on_the_rich.html
It has to balance its budgets.
So, some common sense tax hikes:
[quote]The Golden State already has the nation’s second highest perso ...[text shortened]... ld be too much to ask our federal government to learn a thing or two from California, I guess...
07 Sep 12
Originally posted by sh76The only thing I have against this Cali solution is its order of events. Raising taxes first leads to the danger that the spending cuts will never happen?
Because of its insane deficits and inability to print money, California seems to be coming to its senses.
http://www.realclearpolitics.com/articles/2012/09/07/calif_voters_mull_whether_to_raise_taxes_on_the_rich.html
It has to balance its budgets.
So, some common sense tax hikes:
[quote]The Golden State already has the nation’s second highest perso ...[text shortened]... ld be too much to ask our federal government to learn a thing or two from California, I guess...
Most of us, do it the other way around in our own budgets, unless we hit the powerball.
07 Sep 12
Originally posted by normbenignActually, I think many of the spending cuts have already been put into place prior to the tax hikes.
The only thing I have against this Cali solution is its order of events. Raising taxes first leads to the danger that the spending cuts will never happen?
Most of us, do it the other way around in our own budgets, unless we hit the powerball.
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07 Sep 12
Originally posted by sh76We've been cutting spending here for years. But we won't put a dent in the deficit until we expand the economy. Bottom line.
Because of its insane deficits and inability to print money, California seems to be coming to its senses.
http://www.realclearpolitics.com/articles/2012/09/07/calif_voters_mull_whether_to_raise_taxes_on_the_rich.html
It has to balance its budgets.
So, some common sense tax hikes:
[quote]The Golden State already has the nation’s second highest perso ...[text shortened]... ld be too much to ask our federal government to learn a thing or two from California, I guess...
