The price at the pump goes up today/Monday in California – by 3 ½ cents per gallon of gasoline. As Ben Adler reports from Sacramento, that’s because of a particularly complex part of an old state budget deal.
California tax law is full of confusing formulas with colorful names, like the triple flip and the single sales factor. Here, we’re talking about something called the gas tax swap. It stems from the 2010 budget deal in the heart of the recession.