Spend-a-holics in Sacramento at it Again Creating $5billion in Taxes and Delaying Tax Credits For Business

Same song 90th verse: Democrats in Sacramento are at it again  they planning to raise taxes, and delay (if not out right kill of ) business tax credits to cut a budget gap of $20 billion. From Reuters:

Democratic lawmakers in California unveiled a plan on Monday for nearly $5 billion of tax and fee increases to help fill the state government’s $19.1 billion budget gap.

Taxes are raised via alcohol, vehicle registration fees and corporate tax breaks:

The plan by state Senate Democrats would raise $4.9 billion by raising California’s vehicle registration fee, suspending corporate tax breaks scheduled to begin next year and boosting the state’s tax on alcoholic beverages.

Republican Governor Arnold Schwarzenegger has come up with a budget that does not raise taxes and cut spending:

Republican Governor Arnold Schwarzenegger, by contrast, has ruled out tax increases and is relying largely on deep spending cuts in his plan for balancing the state’s books. He has called for $12.4 billion of cuts and would scrap the state’s welfare system, a plan Democrats have rejected.

Republican legislators came out swinging against the tax proposals:

Republicans in the legislature’s minority immediately criticized the proposed tax increases, signaling they will use their votes to block them. Democrats lack the votes to pass tax measures on their own.

Analysts expect budget negotiations between Schwarzenegger and lawmakers will drag on and press into the state’s next fiscal year, which begins in July.

California’s leaders are facing another year of weak revenue as a result of the recession and the downturns in financial and real estate markets. (Reporting by Jim Christie of Reuters).

Sacramento doesn’t learn how many jobs will be fleeing California and where are they going to huh? Las Vegas, Miami, Salt Lake City,Denver, Phoenix, Dallas. How many residents will move from California to find work, affordable living,and a better way of life? Who knows but I know that this can’t last and there is resentment by taxpayers and they see Sacramento is an out of control government that is destroying the state.

Reuters

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