Word: taxed
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Thanks to the California state budget that was approved early Thursday morning, my husband and I - relatively new citizens of the Golden State - will help bridge the extraordinary $42 billion deficit next year by paying approximately $1,000 in additional taxes, fees and loss of dependent tax credits. And this figure will remain at that level only if we make no purchases for 12 months in an effort to avoid the new 1-cent-on-the-dollar increase in sales tax...
...course, a better option than getting laid off, not receiving our 2008 tax refund or being unable to drive through an abandoned highway repair project - the brutal realities of a state in freefall with no balanced budget. But it's still a bit of a shock. "The average Californian hasn't figured out exactly what this particular budget means for him or her yet," says Mark Baldassare, president and chief executive officer of the nonpartisan Public Policy Institute of California. "But they're going to feel it soon...
...vendors; thousands of construction projects were stalled; and state offices were furloughed. Finally, after a record-breaking 45-hour Senate session, the elusive two-thirds majority vote was reached to pass a budget plan that includes $15 billion in service cuts and spending reductions, $12.8 billion in temporary tax hikes and $11.4 billion in borrowing...
...addition to the increased sales tax, personal income tax rates will go up 0.25% and the dependent credit will drop from $300 to $100. Vehicle owners will now pay an annual license fee that is 1.15% of their car's value (up from 0.65%). One increase was avoided. In order to secure Republican Abel Maldonado's vote, a 12 cent on the gallon gas tax was nixed (Maldonado also included an open-primary measure and removed a stipulation that would have cost legislators their salaries during times of overdue budgets...
...Friday, is also dependent on federal stimulus money. California expects approximately $80 billion, although it is not yet clear exactly where this money will be funneled. For instance, if the state determines there is enough money from the federal stimulus package not earmarked for other areas, the personal income tax rate hike could be reduced by half...