Results 1 to 2 of 2
Thread Information
Users Browsing this Thread
There are currently 1 users browsing this thread. (0 members and 1 guests)
Hybrid View
-
11-06-2008, 08:52 PM #1
- Join Date
- May 2007
- Location
- South West Florida (Behind friendly lines but still in Occupied Territory)
- Posts
- 117,696
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.htmlJoin our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
2 foreign nationals in ICE custody after alleged attempted...
05-18-2024, 07:35 AM in General Discussion