California is nearing a budget deal

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optimusprime_IHB

optimusprime_IHB

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[quote author="BondTrader" date=1234491787]





<strong>California is nearing a budget deal</strong>

California Governor Arnold Schwarzenegger and legislators are nearing an

agreement to fill the state?s $42 billion budget hole. Some of the proposals under

consideration include raising the state sales tax rate to 8.25% from 7.25%,

increasing the vehicle license fee to 1.15% from 0.65% on the value of the car, a

12-cent per gallon tax on gasoline, and surcharge on income taxes. All told, the

tax increases would amount to $14 billion with $16 billion in spending cuts and

add $10 billion in new state debt.</blockquote>


Sounds like this will help Real Estate bottom in CA ... oh wait..no..it's going to exacerbate it.
 
[quote author="skek" date=1234495246]

Here's my prescription for California's woes: Trash everything. Start over.</blockquote>


a new gov't... the independent republic of california! yeah, you and your aristocratic, land-owning cronies would like that wouldn't you, don skek.



ZORRO will stand up for the people of california!

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[quote author="skek" date=1234495246]This is going to destroy California. Not that it wasn't already broke, but we literally can't bear any more taxes in this state. We are already the most taxed state in the country and they are adding $14 billion on top, plus an additional $10 billion in debt. Not that any tax is good, but the sales, car and gas taxes will make sure that businesses die a painful death in the Golden State. And do the math, the taxes will barely cover the new debt. They won't address the structural budget shortfalls that we will be dealing with year after year. What, are we going to raise taxes another $14B next year again? Issue more debt?



I apologize in advance -- I try to be rated PG-13 on the blog -- but our elected representatives in California, from the Governor to the legislature, are all fucking morons.



Here's my prescription for California's woes: Trash everything. Start over.</blockquote>


And, of course, raising taxes in a recession will result in a faster contraction. Given the direction that the political winds are blowing in, you can assume that this tax increase won't be the last.
 
[quote author="WINEX" date=1234495909][quote author="skek" date=1234495246]This is going to destroy California. Not that it wasn't already broke, but we literally can't bear any more taxes in this state. We are already the most taxed state in the country and they are adding $14 billion on top, plus an additional $10 billion in debt. Not that any tax is good, but the sales, car and gas taxes will make sure that businesses die a painful death in the Golden State. And do the math, the taxes will barely cover the new debt. They won't address the structural budget shortfalls that we will be dealing with year after year. What, are we going to raise taxes another $14B next year again? Issue more debt?



I apologize in advance -- I try to be rated PG-13 on the blog -- but our elected representatives in California, from the Governor to the legislature, are all fucking morons.



Here's my prescription for California's woes: Trash everything. Start over.</blockquote>


And, of course, raising taxes in a recession will result in a faster contraction. Given the direction that the political winds are blowing in, you can assume that this tax increase won't be the last.</blockquote>


Will this pass? I thought the republicans refuse to pass any budgets that has a tax hike on it - at least, hasn't that been their position so far?
 
<em>"Why don't the bank CEOs redirect and ask the committee how many of them would be willing to work for $1 until the government returns to a budget surplus?"</em>



<strong> - Doug Kass</strong>
 
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