Identifying The Tax Oxen To Be Gored
For you night owls, the long awaited tax increase proposals are out this evening, courtesy of the Budget Conference Committee that my good colleague Assemblyman Antonin Adams posted about earlier…including rolling back [about 70%] the dependant child tax credit, a sure winner amongst families, nowwith less disposable income. Many arestaying home this summer because of skyrocketing fuel prices as well as higher costs of foodand everything else…couple that with this tax plan…yeah, lots of happy families in California this year.
Of course, we can remind that the State has already enjoyed a windfall of doubling the sales tax per gallon of fuel[worth over $1 Billion in new taxes] in the short time that gas itself has doubled, but I guess that new inflow doesn’t count because it wasn’t directly taken by legislative action.
Also in the plan, pushing up the rates of income tax on the highest income earners, also known as "the rich", "the winners of lifes lottery",… Read More