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Assembly Dems Propose $6 Billion in New Taxes

Linked here is the 69 page Assembly Budget Committee 2008-2009 Subcommittee Report released today, a response the Governor’s May revise of the budget. In the summary, under the heading “Revenues,” we find:

Rejects the Governor’s risky $1.85 billion accounting scheme and instead raises about $6.4 billion in new revenues. The new revenues can be raised through closing loopholes and tax breaks, short-term solutions that have been used in the past, or other options. It is important to note, that while the specific revenue solutions will need to be worked out as the budget process continues, this amount of revenues can be raised without impacting ordinary Californians or harming the economy.

The specific loopholes and tax breaks are not mentioned, but there is also no mention of any reductions to any Department of Housing and Community Development programs (see page 52).

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