Proposed Sales Tax Would Back Bonds to Close Calif. Shortfall

Williams, Rochelle
May 2003
Bond Buyer;5/15/2003, Vol. 344 Issue 31636, p1
Trade Publication
In his revised budget plan announced on may 14, 2003, California governor Gray Davis urged for a half-cent sales tax to support bonds to close 10.7 billion dollar of the 38 billion dollar budget shortfall through fiscal 2004. The half-cent tax would raise about 2.3 billion dollar each year to the treasury for repayment of the bonds. Under the governor's plan, vehicle registration fees would increase. The revised plan reduces tax increase proposed by the governor proposed in January 2003 on cigarettes and those with high incomes.


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