We’d had suspicions for years that California had lost its collective mind, but now we’re sure.
In order to close a gigantic budget deficit (around $40 billion), the Sacramento politburo (that would be the Democrat party) has proposed the following tax and fee increases:
Californians would also take a substantial hit to their wallets.
Vehicle license fees would nearly double, going from the current rate of 0.65% to 1.15% of the value of a car or truck. The sales tax would increase by 1 cent, raising the rate in Los Angeles County to 9.75%. Gasoline taxes would increase by 12 cents a gallon. And residents would pay a new surcharge on personal income taxes, amounting to 2.5% to 5% of their total tax bills, depending on how much federal money California gets.
The new and increased taxes would remain in effect for at least two years. If voters approved constitutional spending restraints that the Legislature would put on the ballot in the coming months as part of the budget package, the taxes would remain in place for five years.
The budget deal was negotiated almost entirely in secret. Rank-and-file lawmakers still have not seen legislation containing the package of cuts and tax increases their leaders expect them to approve this week.
A surcharge on your income tax bill? Small wonder it was devised in secret. People and businesses are streaming out of the state as it is. What could the politburo be thinking?
Whatever it is, let’s just hope it’s not contagious.
H/T to Hugh Hewitt
Twitter
Facebook
RSS
LinkedIn