Today’s Commentary: What is it about the figure $9 billion?
Is there something special about the figure $9 billion, other than it is a huge amount of money?
Well, it has been a popular figure this week — and a potentially expensive one for Californians. Earlier in the week, the liberal Democrats who dominate the California legislature held a press conference and announced that in order for California to be a state worth living in (or words to that effect), we all need to embrace $9 billion in new taxes. Seriously. I was proud that the immediate and strong response from legislative Republicans was that this proposal was dead on arrival (fortunately for taxpayers, the State Constitution requires a two-thirds vote of each legislative chamber to raise taxes — how prescient). Actually, I mused to one legislator friend that Republicans should match the call by Democrats for billions in new taxes with a call for an equal amount in tax cuts. Somebody somewhere is going to start saying "let’s compromise" and I say the GOP position should be such that the "middle" represents no additional taxation on Californians. I thought to myself that one… Read More