Thread: Schwarzenegger: $4.4B in Tax Hikes to End Deficit

Schwarzenegger: $4.4B in Tax Hikes to End Deficit

Thursday, November 6, 2008 2:49 PM

SACRAMENTO, Calif. -- Gov. Arnold Schwarzenegger has proposed $4.4 billion in tax increases and billions more in spending cuts to close California's worsening budget deficit, declaring: "We must stop the bleeding."

Schwarzenegger on Thursday called for a special session of the state Legislature to address a deficit that has grown to $11.2 billion just six weeks after he signed the budget for the current fiscal year.

He said the state's economic condition has deteriorated significantly since then, with a cratering stock market and the continued decline of the housing industry.

California's budget relies greatly on capital gains taxes, which have dropped precipitously in recent months along with swooning stock prices. Sales and property taxes also have declined.

He said lawmakers will not be able to close the budget gap with cuts alone. He proposed a temporary 1.5 percent sales tax increase and other "revenue generators."

http://moneynews.newsmax.com/economy/sc ... 48522.html

Is it the purpose of the Cal State Legislature to sink California, so the Reconquista/Mecha/The Racists (la Raza) types can officially take over.

Why doesn't Schwarzzie have all the illegals arrested and deported and save 10 billion per year in the future?

Seems to make a lot of sense to me, but then what does he know of what it's like to be a Californian or an American------nothing.

His interests are off track and severely confused.