A Sacramento newspaper is reporting that the governor and state legislative leaders have crafted a tentative agreement on the state's budget.
The Sacramento Bee is reporting that multiple tax hikes are in the works for residents. Californians should get ready for:
- Increasing the state's sales tax by 1 cent on the dollar
- Increasing gasoline taxes by 12 cents per gallon
- Raising the state's vehicle license fee from 0.65 percent of a vehicle's value to 1.15 percent, with 1 percent going to the general fund and local law enforcement getting 0.15 percent
- Increasing the personal income tax across the board, either by assessing a surcharge on tax liability or increasing the tax rate
The sales, income and VLF components would be in effect for either two years or five years, depending on whether a companion spending-cap measure passes.
The paper reported that final details are still being hammered out but a vote is expected on Friday.