California’s new Governor, Democrat Jerry Brown, recently revealed his planned 2011 budget. With the state operating with more than a $25 billion deficit, Brown has proposed several items aimed at stabilizing the state economy. Most notably amongst his proposal items is $12 billion in additional taxes comprised largely of revenues stemming from extensions to the temporary tax increases from 2009. One such example is the 1% increase to the California state sales and use tax rate, which was set to expire 1 July 2011. If Governor Brown’s budget is passed by voters, these taxes will be extended for an additional five years. Governor Brown has called for quick action on his plan, so we are likely to see movement on this relatively soon.
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