Posted on 11/07/2012 7:37:04 AM PST by Hojczyk
California will avoid deep spending cuts to public schools and universities, and be able to to pull out of the fiscal swamp without slashing other services further, after voters handed Gov. Jerry Brown's signature tax measure a decisive victory Tuesday.
Proposition 30 had a clear lead Wednesday morning, with 95 percent of precincts around the state counted.
Voters handily rejected a rival measure, Proposition 38.
Brown's tax measure has been his central focus since his election two years ago and will have major implications for the state's finances. If it had been defeated, nearly $6 billion in automatic spending cuts, falling almost entirely on public schools, would have been automatically enacted under the budget approved by lawmakers earlier this year.
Prop. 30 will raise the sales tax by one penny for every $4 spent for four years, while increasing the income tax on the state's highest earners for seven years. It would generate about $6 billion per year. The sales tax hike will go into effect Jan. 1, while the personal income tax increase is retroactive to the beginning of this year.
(Excerpt) Read more at sfgate.com ...
damn!
“California will avoid deep spending cuts to public schools and universities, and be able to to pull out of the fiscal swamp without slashing other services further”
Thanks for the laugh.
All the rich liberals and their uber-expensive houses. Heh.
all to shore up Union pensions..
the Unions own this state..
I no longer fear the future... I now see how this is going to turn out. It won’t be pretty.
The Unions own Ohio, Michigan, Pennsylvania California, New York Nevada, etc.
I’m done. It will take a complete collapse of this country to right the direction. that collapse is coming.
We have dummies in this country.
And we have a liberal Republican establishment that forces on us a liberal candidate every four years, with predictable results.
I’d like Mike Pence to run for President in 2016. But I don’t think the liberal Republican establishment wants to genuinely win.
Good luck with that. “Dude, where’s my country?”
Better them than us. I was worried about a federal bailout.
I think Kalifornia should tax all income over the poverty limit at 100%, all corporate fringe benefits eliminated by law, and tax all wealth which exceeds 2x the annual poverty limit at 100%. That should get the Kalifornia gov’t on an even keel, level the playing field, and get their economy moving!
We'll see. Watch out Texas the next wave of Fruit and Nut refugees are on their way.
Keep worrying. Prop 30 and 39 combined will not cover the State’s budget deficit.
Great. Now more liberal californians will move out. That’s all we need, more damn liberals. Why can’t they stay in their workers paradise?
So there is a tax on the rich for seven years, retroactive to the beginning of this year. Why not make it retroactive to seven years and then no need to carry it “forward”? I don’t understand how a law can be made retroactive.
True but it will help. California’s answer to their deficit was always “somebody besides us needs to pay this”. The Democrats are firmly in charge of California and they won’t even pass a tax increase because they can’t figure out a way to blame Republicans for it
No it won’t. The revenues from these measures will be less than expected, and the economy’s going to slow anyway, causing lower revenues overall. Plus Sacramento will spend more. I wouldn’t be surprised to see a huge earthquake hit us too, adding billions more in spending to recover.
Take a picture of California, America. This is where you are heading. Preview of things to come.
During Obama’s pathetic first term with property values collapsing, I acquired some out of California properties and now fully document the days spent in each state.
“Great. Now more liberal californians will move out”
3.75 million Californians voted for Romney, we aren’t all Fruit and Nuts.
fwiw....I could care less if people vote to tax themselves....let them have it....
That'll be the day...
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