Showing articles 1 - 1 of 1 tagged as "spending cap amendment"

More than just a sales tax increase

Back in February Gov. Schwarzenegger and the legislature passed a state budget that included a temporary one-cent hike in the state sales tax, well now the time has come to pay up. On April 1st the one-cent-on-the-dollar increase will take effect and will expire on either July 1, 2011, or July 1, 2012 depending on voter’s approval of the proposed Budget Stabilization constitutional amendment in a statewide election to be held on May 19, 2009. If Proposition 1A, also known as the Spending Cap Amendment passes on May 19th, more than sales taxes will be raised. Expect to see an additional 5% surcharge on state income taxes, an increase in the vehicle-license fee from 0.65% to 1.15%, $15 bill

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