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Should State Grab Tax Windfall for California's Rich?

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By one estimate, the extension of the Bush tax cuts will save California's richest citizens -- those in the top 5 percent of income -- more than $20 billion a year.

As it happens, projections of California's budget deficit for the next four years are $20 billion a year.

Should California grab that money -- and turn federal tax cuts into a method for balancing the state budget?

Over at the California Progress Report, author Peter Schrag makes the case for doing just that.

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