November 28, 2014
SACRAMENTO (AP) - The state Assembly is debating a revised Democratic proposal that calls for $6.6 billion in tax increases on the wealthy and corporations.
Democrats on Sunday unveiled a tax plan that's smaller than the $8.2 billion package they initially proposed.
The new plan calls for a 1 percent income tax increase on jointfilers making more than $321,000, and a temporary suspension on the net operating loss deduction allowed for businesses. The plan also reinstates a higher corporate tax rate.
The package is currently being debated in the Assembly, which could take a vote for the first time since the state began its new fiscal year July 1 without a budget.
Democratic leaders say it's important to vote on the budget even though the plan is expected to fail. Republicans, whose votes are needed for a two-thirds vote, say they refuse to burden people with taxes while the economy remains weak.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.