2011: A Good Year for Taxpayers
How about some good news to close out this year?
If you’re a Californian, your taxes are lower today than they were a year ago. That’s a good thing for you, your community and our state economy.
You may recall that earlier this year many politicians claimed catastrophe would strike if legislators rejected a five year extension of a multi-billion dollar hike in income taxes, sales taxes and car taxes.
Thankfully, Republican legislators held firm. And, believe it or not, the sky did not fall. In fact, if you look closely at the latest numbers from the Department of Finance, you’ll find that billions in unanticipated revenue has materialized this year without any tax hike at all.
Furthermore, according to the latest Board of Equalization numbers, taxable sales are up 8% throughout our state. Sales tax revenue has exceeded budget revenue estimates by more than $100 million so far this fiscal year.
You see, a recovering economy is far more effective at generating revenues than any tax hike. When Californians have jobs, state coffers always have plenty of revenue.
Not every tax victory in 2011 made the front page of the newspaper. Here… Read More