Tagged: taxes

Some Democrats at the Capitol are attempting to chip away at California’s fabled Prop 13. But supporters of the property tax limiting measure are digging in to fight back. Katie Orr reports from Sacramento.

Proposition 13 limits property taxes in California. But it also requires a two-thirds vote of the public to increase any special taxes. Six Democratic sponsored bills making their way through the Senate would lower that voter requirement to 55 percent approval.

California Governor Jerry Brown has released an updated budget proposal that includes more money for schools this year, and less overall spending next year. 

His spending plan for the fiscal year that starts in July includes about $1.3 billion less than his January proposal.  Brown says the state’s economic picture has weakened due to the federal sequester and the federal payroll tax change.

“We have climbed out of a hole with a Proposition 30 tax. That is good, but this is not the time to break out the champagne,” says Brown.

California tax revenues ended the month of March about 7 percent above estimates in the Governor’s budget. As Amy Quinton reports from Sacramento, the state controller’s office says April’s numbers will reveal far more about California’s fiscal health. 

Revenues in March were $395 million  above the Governor’s budget estimates. That puts total revenues for the fiscal year more than 4-billion above estimates so far. But April will be key for the state as income tax deposits continue to roll in.  

California taxes are going up in the new year – with higher sales and income tax rates … and a new requirement for out-of-state businesses to calculate their taxes the same way in-state businesses do.  

In November, voters approved two ballot measures that deal with taxes.  Proposition 30 raises the sales tax a quarter of a cent to 7.5 percent, starting in the new year