California’s hard-working taxpayers just handed state lawmakers a $75 billion surplus for fiscal year 2021-22, which begins on July 1. The budget must be crafted by June 15.
Are the lawmakers eager to reward us by giving back a major chunk of the surplus? No. Not even a “thank you for your hard work.”
Instead, Assemblyman Miguel Santiago, D-Los Angeles, proposed AB 1253, which would raise taxes even higher. The current confiscatory top income tax rate of 13.3 percent, already the highest state rate, would soar to 16.8 percent.
The state sales tax rate of 7.25 percent also is the… read more