Atlas Puked...
Posted on 07/08/2008 9:59:40 PM PDT by NormsRevenge
Democrats on Tuesday proposed billions in tax increases on businesses and high earners to help bridge California's budget shortfall.
The proposed hikes include rolling back the dependent child income tax credit expanded in the 1990s, creating two higher income tax brackets for the state's biggest earners and increasing corporate taxes.
The long-awaited list of revenue proposals faces near certain defeat, however, as Republican lawmakers have repeatedly said they are unified in their opposition to any tax increases. Approving a budget and increasing taxes requires a two-thirds vote, which means GOP support is mandatory.
"I guarantee you it will be a troubled and very challenged proposal on the Assembly floor," said Assemblyman Roger Niello, a member of the two-house budget conference committee that finished its work over Republican opposition Tuesday. "After we're done (rejecting the tax increases), we can all go back to square one to figure out how we get a supermajority vote on this budget."
Gov. Arnold Schwarzenegger and state lawmakers have yet to strike a compromise on how to close a $15.2 billion budget shortfall in the $101 billion general fund. The entire budget proposed by the governor is $144 billion, including bond and special funds.
Lawmakers missed a June 15 constitutional deadline for passing a balanced spending plan for the fiscal year that began July 1.
In earlier drafts of the budget, majority Democrats presented plans that called for as much as $11 billion in added revenues. Tuesday's proposals amount to $8.2 billion, plus another $1.5 billion from a proposed tax amnesty plan.
Democrats have proposed before -- a 2005 move failed to receive a single GOP vote -- the creation of 10 percent and 11 percent tax brackets for high earners. The highest tax bracket now is 9.3 percent.
(Excerpt) Read more at sacbee.com ...
Tax hikes would probably reopen old wounds and California would once again start hemorrhaging businesses and wealthy individuals to nearby states with saner taxes.
The end result is increased costs as Democrats push for more welfare style giveaways to the poor to win their votes, while revenues will drop as state GDP drops as a consequence of businesses leaving.
California is such a wonderful state and I love living here, but God our politicians are SOOOOOO stupid.
I agree, even for all the smoke in the air and airheads in elected offices, put there by airheads.
Rich = You make money!
It’s such a shame. And then there’s the illegals... yeah we’ve got some problems.
“Why would I trust this group of arrogant, ignorant blow hard with one more cent of earning?They have demonstrated so clearly their disdain of working people in this state, that I am utterly disgusted. Targeting businesses, the wealthy would not be DOA if they were part of a concerted effort of spending cuts, government effiiciencies and reform. If this came with re-districting reform, it would probably fly. By coming out of the gate with tax increases just demonstrates the communication gap. Men are from Mars, Women are from Venus and State Legislators are from Uranus. We deserve better..”
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From the SacBee comments section...
they know three words, TAX, TAX TAX.
Indeed, legislators often talk about how people will pay anything to live in this state, with its great weather, resources, etc. They feel they can tax away, no problem.
I have come to the conclusion that liberals are hopelessly retarded.
From what I understand , the biggest problem with Calif. budget is that spending has increased faster than tax revenue in recent years. It’s not that taxes aren’t high enough, it’s that spending has increased, and now they have to look for how to pay for the increased spending.
We’ve been hearing in the news about potential hardships and teacher layoffs and cutting library hours. Basic financial management isn’t happening in Sacramento.
Last years budget was balanced. It should be relatively simple for the legislature and governor to sit down and see what caused the imbalance. I know state gov’t complains about unfunded mandates from Washington, or unbudgeted costs to fight last year’s fires. But whatever the case, they should be able to zero in on the cause. It should not be a big mystery.
These same bleeding hearts wail and moan about corporate out-sourcing. DUH. Take it to the national level - worse yet. BHO proposes the same garbage.
...didn’t the governor out there say something about not raising taxes?
Oh wait, they should call them “fees”. :)
I don't know whether we are in the "wealthy" class, but DW and I took our $150k+ retirement income and moved to Oregon.
State taxes were big reason # 1. We pay lower income tax, lower property tax, despite Prop 13, and no sales tax.
Reason # 2 was shall-issue concealed carry. The older I get, the less able I am to fight off a young tough with my bare hands. Plus there are enough license holders in OR so the young toughs are much more polite...
Best of all, DW gets a CA state pension. It is inflation-protected, and someone else is paying the taxes to finance it.
All that special funding for greenhouse gas BS and stem cell research has no business in the budget. Neither does funding for abortions and gay pride parades. Subsidies for professional sports teams have no legitimate claim on the taxpayer.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
Tax hikes would probably reopen old wounds and California would once again start hemorrhaging businesses and wealthy individuals to nearby states with saner taxes.
++++++++++++++++++++
That will be good for us in Utah.
More business, more jobs.
Same experience brought us to Nevada...
Atlas Puked...
Thats all these California liberals know is I feel your pain at the pump, in the pocket book,for the loss of you new home, for not having a job due to our stupidity.
Just wait until all the federal government is liberal, there will not be a tax these bastardos will not like.
STUPID POLITIANS AND A GOOD NUMBER OF PEOPLE THINK COMPANYS PAY TAX. THEY ARE STUPID FOR LIFE. THERE IS NO HOPE FOR THEM.
Example
Manglicmot, Lina P -- Registered Nurse, Correctional Facility
Regular pay $108,807
Overtime pay $198,363
OTHER pay $4.453
Total 2007 compensation $311,622
Even without the tax hikes, I would not live and work in California, period. Maybe visit, but no more. A friend got a job offer in the $70K range in Frisco this year, but I told him to transfer to the company's office here in Virginia in the mid-$60K range, due to California's taxes and high cost of living, plus...the insanity in Frisco.
Yet another "rich" person who stayed away from California due to high taxes and left-wing insanity.
See post 26. An extra $4,000/year is not worth the hassle of living in California and having it all get eaten up by taxes and super-high gas prices.
“...our politicians are SOOOOOO stupid.”
Who do you think elected these stupid politicians?
a) The hordes of Ghengis Kahn
b) Spotted owls
c) Stupid liberal California voters
You have some of my sympathy, but I need to save a bunch for the hellhole state I live in.
I sure as hell didn’t.
I hope more companies will move to NV. Got Intuit, Microsoft, Cisco, etc. already here.
We’re building corporate parks like they are going out of style up here in Reno.
Radio has been running these awful union-backed ads with some “parent” talking about the horrors of education cuts and pleading for “increased revenue” in any budget deal.
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