Posted on 11/07/2012 9:37:43 AM PST by rightwingintelligentsia
NEW YORK (CNNMoney) -- Californians approved a measure Tuesday that raises taxes on the wealthy and hikes the state sales tax. It is expected to bring in $6 billion a year, on average, over five years.
Proposition 30, which Governor Jerry Brown has lobbied heavily for, captured 54% of the vote. Its approval prevents massive budget cuts to the state's public schools and universities.
Brown built the tax hike into his budget so its passage was critical. Among the hardest hit by the Great Recession, California has had to slash billions of dollars from its budget in recent years to close yawning deficits.
Taking a gamble, Brown went directly to the people with the tax measure this year after losing a battle with Republican lawmakers in 2011 to put the increase before voters.
(Excerpt) Read more at money.cnn.com ...
Judge Napolitano on Fox said that California would get a bailout in O’s second term. Since Cal always votes for a leftist POTUS anyway, they don’t need to buy the electoral votes. Maybe the idea is to have 100% of their US House members Dems too? Bailing out states is a frightening thought.
I don’t think GWB saw this coming when he started the bailout craze, but that is no excuse.
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