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The Democrat’s Smart Income Tax Solution to the California Budget Deficit |
| Published: July 9, 2008, 10:30 am |
| Tags: california state budget |
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By Robert Cruickshank Sacramento Democrats have unveiled their core tax proposals, and they involve raising $9.7 billion in taxes from the wealthy and from corporations, according to the LA Times: Most of the new revenue would come from an income tax hike. A dependent-care credit currently available to all Californians also would be eliminated for families with an income of more than $150,000.... Income taxes on families earning more than $321,000 would go up by 7.5%. Joint filers earning more than $642,000 would see an 18% hike. The proposal also includes an amnesty intended to entice tax cheats to pay up, the suspension of various tax breaks for corporations and the restoration of a franchise tax on businesses. These are good moves to deal with the structural revenue shortfall, especially the closure of tax giveaways that the wealthy do not deserve and do not need. Progressive taxation is exactly what Democrats must stand for and so this is a welcome [ Full article ] |
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