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De Omnibus Dubitandum - Lux Veritas

Tuesday, November 6, 2012

California's tax measure faces nail-biter finish

By Jim Christie  Mon Nov 5, 2012 8:02am EST
The centerpiece of California Governor Jerry Brown's plan for repairing the state's budget hangs on a few votes that on Tuesday will decide if the state hikes taxes or cuts more spending.
The debate over Brown's ballot measure, which ultimately comes down to a test of how big Californians think their government should be, has divided the public with most recent polls showing its outcome too close to call.
Brown and fellow Democrats who control the legislature were unable to win support from Republicans for tax increases. Earlier this year, they included revenue in the state budget that assumes voters on Tuesday will approve his measure proposing tax hikes.
Proposition 30 would raise the state sales tax by a quarter-cent for four years. It would also increase income tax rates for individuals who earn more than $250,000 a year and couples making more than $500,000 a year.
The measure would raise an estimated $8.5 billion through June 2013 as its income-tax increases are retroactive to this year. If the measure fails, $6 billion in spending would be cut in the near term to balance the state's books.  To Read More….  
My Take – They make these estimates regarding how much some new tax will take in and end up being disappointed because it doesn’t happen, and this one won’t either.  They are killing the state with their insane spending, taxing and regulations.  Just like the federal government, only they can’t print money. 

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