"California's budget deficit has grown to a projected $16 billion and the state will have to make severe cuts to schools and public safety if voters reject tax hikes in November, Gov. Jerry Brown announced Saturday.
.... The governor has said tax increases are necessary to help pull the state out of a crippling decade shaped by the collapse of the housing market and recession. He warned that public schools, colleges and public safety will suffer deeper cuts without new taxes.
.... Under Brown's tax plan, California would temporarily raise the state's sales tax by a quarter-cent and increase the income tax on people who make $250,000 or more. Brown is projecting his tax initiative would raise as much as $9 billion, but a review by the nonpartisan analyst's office estimates revenue of $6.8 billion in fiscal year 2012-13." Read Article.
Submitted with picture by Jim Alex
Posted by Kathy Meeh