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Lovely, just lovely. Tax on Tax

FrancFFrancF Member Posts: 35,278 ******
edited March 2009 in General Discussion
California Doubles Income Surtax

SACRAMENTO - California residents will pay an additional personal income surtax
while aid for low-income people will be slashed under a decision announced Friday
by two top state finance officials.

The ruling by Gov. Arnold Schwarzenegger's finance director, Mike Genest, and
Treasurer Bill Lockyer was tied to the budget plan Schwarzenegger signed late last
month to close the state's $40 billion deficit. The deal included $2.8 billion in extra
income taxes and program cuts that would be nullified if the state received enough
money from the federal stimulus package.

Specifically, the budget agreement said California would have to receive at least
$10 billion from the feds to help offset its deficit through mid-2010. But Genest and
Lockyer said Friday that the stimulus package, which was still being crafted when
the governor and lawmakers were negotiating the budget, would deliver only
$8.17 billion toward that end.

So instead of a 0.125 percent personal income tax surcharge, taxpayers across all
income levels face an extra charge of 0.25 percent. The surtax will generate an
estimated $1.8 billion and cost a family of three making $80,000 about $100 more
each year...
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