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With budget negotiations stalled, a cash crisis looming and its fiscal crisis deepening, California today will begin issuing IOUs - formally called registered warrants - to tens of thousands of businesses and individuals to whom the state owes money. Gov. Arnold Schwarzenegger on Wednesday declared a fiscal emergency and ordered a third unpaid furlough day each month for 235,000 state employees. California's fiscal crisis has been years in the making and will not be easy to fix. But is there a solution...
...progressive, with a large proportion of revenue comes from households earning more than $100,000, as well as from taxes on stock options and capital gains. Low-income households, meanwhile, face lower tax rates that in most other states. This tax system, says Steve Peace, director of finance under Gov. Gray Davis, "worked in a highly leveraged, supercharged economy. Those days are gone...
With California a day away from issuing IOUs instead of paying its bills, Gov. Schwarzenegger and the legislature remain at odds over how to close a now $26.3 billion deficit. Schwarzenegger on Thursday ordered a third unpaid furlough day for 235,000 state employees. With its $1.7 trillion economy sputtering and 11.5% unemployment surging, California's difficulty in balancing its budget could affect the national recovery...
They begin with the 1978 property tax revolt and the victory of Proposition 13. As California experienced a dramatic escalation in home values, property tax assessments skyrocketed. Especially vulnerable were seniors on fixed incomes. When then Gov. Jerry Brown and the legislature dithered, conservative activists led by Howard Jarvis put a seductively simple sounding proposition on the ballot. Under Proposition 13, the annual real estate tax on a parcel of property would be limited to 1% of its assessed value and this assessed value would only increase by a maximum of 2% per year, until a change in ownership. Voters...
...Palin, Gov. Sarah • praise for U.S. troops is hamhandedly jammed into grudging sort-of-acceptance by of David Letterman's abject apology to while the idiotic media babbles about it endlessly as if any of it had any significance whatsoever beyond the amusing fact that a national punch line is complaining about a joke...