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.
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.
ReplyDeleteThat's brutal--I'm very sorry for you.
ReplyDeleteMy 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?
ReplyDelete