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Progressive Politics in Minnesota, the Nation, and the World

California: $4.4 Billion Tax Increase

Category: Minnesota Politics
Posted: 11/06/08 17:58, Edited: 11/06/08 17:58

by Dave Mindeman

"It is now a revenue problem rather than a spending problem," Schwarzenegger said.

So says Republican Governor Arnold Schwarzenegger as he proposes a $4.4 billion (yes with a "b" ) tax hike in California. I would say we are going to get our first test of how the economy will be affected by such action. As California continued to chug along without any tax increases and a worsening economy, the budget of California went into an $11 billion deficit.

Schwarzenneger's plan is comprehensive:

Schwarzenegger's proposed $4.4 billion in tax increases includes higher sales taxes. He also alluded to bringing in more money through other "revenue generators." That might include boosting the registration fee for vehicles by $12 and taxing companies that extract oil from California, which he said would generate $528 million this year.

Policies that refused to increase revenues during the good years are now forcing tax hikes in the lean years.

I don't think that is the prescription for a healthy economy.

You reap what you sow.
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Vote Totals Giveth and Vote Totals Taketh Away

Category: Al Franken
Posted: 11/06/08 17:28

by Dave Mindeman

What the vote totals giveth...they can also take away. The first significant move the otherr way occurred late this afternoon and Norm's lead is back up to 590.

But with swings like these, that 590 still doesn't look very safe. This is going to be a loooooong recount.
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Franken Gains Another 100 Votes

Category: Al Franken
Posted: 11/06/08 15:41, Edited: 11/06/08 15:42

by Dave Mindeman

OK, this is getting weird. Al Franken gained another 100 votes on Coleman over the course of the day, today...as of 2:40pm on Thursday. The difference is now;

.............342..............

This is getting into recount changing territory. I'm not kidding.
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