Word: taxed
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...longer they go, it gets even more and more serious for all of us," says David Sanchez, president of the California Teachers Association (CTA). He is expecting schools to potentially take a $10 billion hit this year. Last month the CTA filed its own initiative for a 1? sales-tax increase earmarked solely for public schools and colleges. But Sanchez - like others in the state - says he will not know precisely how to budget for this upcoming year until a legislative solution is passed. "The unknown," he says, "is very scary...
...things that have created the monstrosity that we are now in," says Barbara O'Connor, director of the Institute for the Study of Politics and Media at Sacramento State University. She cites inflation, population growth and mandates (like Proposition 13, which placed a limit on state property-rate taxes that resulted in restrictions on tax increases) as having a snowball effect over the course of 30 years. Add these to California's extremely high home-foreclosure rate and a global recession (approximately 1 in 4 jobs in the state has international-trade ties), and the deficit quickly adds...
...thirds-majority vote in the legislature to pass a state budget. The Democrats dominate both the senate, 24 to 15, and the assembly, 51 to 29. (There is one vacancy in the senate.) With such deep cuts on the line, Republicans and Democrats have squared off, arguing whether raising taxes or reducing welfare programs is the best way to go. In December the Democrats engineered a plan that could bypass the Republican vote and, with a combination of spending cuts and tax hikes on sales, gas and income, melt the deficit by $18 billion. However, this week Schwarzenegger rejected...
...Until recently there has been relatively little objection to all this from Republicans. Obama has cannily trumpeted the fact that 40% of his proposed $775 billion bill, or $310 billion, would go toward tax cuts. The problem is that $775 billion represents the cost over just two years; after that, voting to reinstate taxes - or to cut back on popular programs like health care, help for the unemployed and aid to students - may well be difficult. Paying for all these programs down the road will be complicated further if Democrats try to reimpose, as they have sworn...
...Tax cuts: About $310 billion worth of tax cuts have been proposed. Many of these provisions are onetime measures that would allow companies to write off 2008 and 2009 losses and small businesses to write off expenditures up to $250,0000; a one-year tax credit would give companies $3,000 for each new hire and employee retained. Obama has also suggested a $500 rebate for individuals and $1,000 for couples; even those who don't make enough to pay taxes would receive some kind of rebate for the taxes that are automatically deducted for Medicare and Social Security...