“No New Tax (Almost), Too Much Spending” Budget Compromise?
From reading MSM reports this morning while putting together the website, it sure sounds like there is a budget deal, although details have yet to be presented by the "Big 4" to their respective caucuses. It sounds like this deal can best be summed up as "No new taxes, mostly, and not enough cuts."
On the new taxes side of things, NOT in this plan based on what I have read are the outrageous proposals by Democrats for a massive income tax hike, or the disappointing proposal by the Governor for a massive sales tax increase. Still present, however, and quite disturbing is a de facto tax increase on California businesses (an estimated $300 million++ bit) reducing their ability to write off losses.
According to reports, it would appear that while the best interests of California would be to have more cuts in state government, such as proposed by legislative Republicans, this budget comes up with a myriad of various one-time accounting gimmicks and other "creative ideas" to close the budget gap — so there will be a game of "kick the can" to the upcoming state budget (which will… Read More