Is the upcoming May 19th California special election really a 22 billion dollar tax increase?
Does anyone have a better explanation of the true tax implication of the May 19th 2009 California Special Election?
As far as I can tell from reading the official voter information guide, the simplest explanation of the tax consequences of each California ballot initiative seems to be …
1A: 16 billion dollar tax extension (billed as the “rainy day fund”)
1B: 9.3 billion dollar tax increase (tied to the “rainy-day proposition)
1C: 5.0 billion dollar loan (cost = 10 billion in taxes) from the lottery
1D: 0.608 billion dollar tax redirection (from Children’s Services Funding)
1E: 0.230 billion dollar tax redirection (from Mental Health Services Funding)
1F: no meaningful tax implication (salary freeze during deficit years)
Is my math correct? The tax implication of the California statewide special election is a 22 billion dollar tax increase?
