Schwarzenegger plan to fix California finances
http://www.sfgate.com/cgi-bin/articl...MN2C13VJ0N.DTL
Governor's budget fix
Gov. Arnold Schwarzenegger wants to cut $4.5 billion in spending and raise $4.7 billion in taxes to help make up for a projected $11.2 million revenue shortfall this year.
CUTS INCLUDE:
$2.5 billion in education funding for K-12 schools and community colleges, the state's largest financial obligation, which represents about half of its general fund spending.
$132 million in funding for the University of California and California State University systems.
$348.9 million by reducing grants to disabled residents.
$320 million by requiring state employees to take one day off without pay each month, eliminating two state holidays and "premium" pay for hours worked on other holidays.
TAXES INCLUDE:
$3.5 billion from a temporary increase of 1 1/2 cents in the sales tax. The rate would fall back to the current level after three years.
$528 million from an oil severance tax of 9.9 percent of the value of each barrel of oil produced in California.
$357 million by broadening the sales tax to include certain services such as appliance and furniture repair, vehicle repair, golf and veterinarian services.
$293 million by increasing the alcohol excise tax by 5 cents a drink.
Gov. Arnold Schwarzenegger wants to cut $4.5 billion in spending and raise $4.7 billion in taxes to help make up for a projected $11.2 million revenue shortfall this year.
CUTS INCLUDE:
$2.5 billion in education funding for K-12 schools and community colleges, the state's largest financial obligation, which represents about half of its general fund spending.
$132 million in funding for the University of California and California State University systems.
$348.9 million by reducing grants to disabled residents.
$320 million by requiring state employees to take one day off without pay each month, eliminating two state holidays and "premium" pay for hours worked on other holidays.
TAXES INCLUDE:
$3.5 billion from a temporary increase of 1 1/2 cents in the sales tax. The rate would fall back to the current level after three years.
$528 million from an oil severance tax of 9.9 percent of the value of each barrel of oil produced in California.
$357 million by broadening the sales tax to include certain services such as appliance and furniture repair, vehicle repair, golf and veterinarian services.
$293 million by increasing the alcohol excise tax by 5 cents a drink.
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