Friday, March 31, 2023

State Legislature wants another $185 billion in taxes

According to a new report by the California Tax Foundation, in the first three months of the 2023-24 session, California lawmakers have considered introducing more than $185.6 billion in new taxes and fees, including a "wealth tax," a government-run health care system, a tax on oil company earnings, and several fee increases. 

This report includes all tax and fee legislation proposed from the start of the session until the date of publication. See the full report HERE.

It's worth noting that Governor Gavin Newsom's proposed $296.9 billion state budget, which includes a Managed Care Organization (MCO) tax and a $30 million tax increase, has not yet been introduced to the Legislature and is not included in this report. 

According to the January budget proposal, the state faces an operating deficit of approximately $22.5 billion, which could increase lawmakers' likelihood of proposing additional taxes and fees as the session continues. Source: California Tax Foundation

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