Wednesday, March 14, 2012

A Tax Increase For Me and My Friends

The economy isn't so great, and California spends way too much money--certainly more than it brings in--so the usual suspects are going to try to raise taxes:
After weeks of battling in public and negotiating behind the scenes, Gov. Jerry Brown and the California Federation of Teachers have reached a compromise on a November tax initiative.

The deal would result in a smaller sales tax hike and larger tax increase on the wealthy than the Democratic governor wanted. CFT had been circulating an initiative with no sales tax hike and a two-step increase on earners starting at $1 million.

"This united effort makes victory more likely and will go a long way toward balancing our budget and protecting our schools, universities and public safety," Brown said in a prepared statement Wednesday afternoon.

Update: Remember this post from last Friday? My closing line was definitely predictive.


Ellen K said...

Just did my taxes. Because I had to cash in an IRA to pay property taxes, we now owe $1000 to the IRS. That's with only 45% of the income we had when my husband was working. I'm just shaking now. I fear that the end is very near.

Darren said...

That's brutal--I'm very sorry for you.

Ellen K said...

My only comfort is that I am not alone. There are millions of us. What happens when April 15 comes and nobody can afford to pay?