TexasDevilDog
09-16-2008, 09:26 PM
— Cut $7.1 billion in state spending, including reductions in public transit and human service programs; includes lower-than-projected education funding, although schools will be fully funded under Proposition 98's minimum funding guarantee.
— Collect $2.3 billion through "accelerations" in revenue by requiring corporations and upper-income taxpayers to pay 30 percent of their estimated taxes in each of the first two quarters of the fiscal year instead of 25 percent.
— Collect $1.6 billion through a 10 percent increase in state income tax withholdings.
— Collect $1.9 billion by adopting a two-year temporary suspension on deductions for business losses, known as net operating losses, and limiting other incentive credits.
— Close the infamous "yacht tax" loophole that allows people to avoid paying state sales tax on boats, RVs, airplanes and other luxury goods if they take possession out of state and keep the items there for more than 90 days; estimated to raise $21 million annually.
— Borrow against future lottery revenue to secure $10 billion over the next two fiscal years, starting in July 2009. The money would be deposited into a new fund dedicated to retiring debt.
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I just love the last one. Borrow money to retire debt. Only politicians can make it up. :rolleyes:
— Collect $2.3 billion through "accelerations" in revenue by requiring corporations and upper-income taxpayers to pay 30 percent of their estimated taxes in each of the first two quarters of the fiscal year instead of 25 percent.
— Collect $1.6 billion through a 10 percent increase in state income tax withholdings.
— Collect $1.9 billion by adopting a two-year temporary suspension on deductions for business losses, known as net operating losses, and limiting other incentive credits.
— Close the infamous "yacht tax" loophole that allows people to avoid paying state sales tax on boats, RVs, airplanes and other luxury goods if they take possession out of state and keep the items there for more than 90 days; estimated to raise $21 million annually.
— Borrow against future lottery revenue to secure $10 billion over the next two fiscal years, starting in July 2009. The money would be deposited into a new fund dedicated to retiring debt.
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I just love the last one. Borrow money to retire debt. Only politicians can make it up. :rolleyes: