Inside Sacramento: Taxes, Taxes, and More Taxes
Wednesday, April 16, 2008
Tom Fudge: You may have heard that the economy isn't doing so well. In California, like in other places, that ends up being a double whammy because it means tax receipts flowing to the government are down, which means cuts in services or the loss of state jobs.
Governor Arnold Schwarzenegger and members of the legislature are facing that situation right now, with a budget deficit close to $10 billion. The governor has proposed ten percent across the board cuts, though people still don't know if that's what he really wants or whether that's just a negotiating ploy. Another possible option for the state is, God forbid, a tax increase. But aren't Californians taxed enough already?
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