The Novel Taxation Maiden In Addition To Uc Funding
Friday, July 18, 2008
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There accept been a few big changes on the revenue enhancement first forepart the end few days. As many of you lot mightiness know, a bargain has been made to combine the Millionaire’s Tax too the Governor’s revenue enhancement initiative. I volition listing the details of the novel first below, too inward many ways, it is an improvement over the governor's initial proposal, exactly different the Millionaire's Tax, it does non dedicate revenue for higher education. So nosotros are currently coming together amongst legislators to seat novel linguistic communication into the solid set down budget to dedicate funds to higher ed. It is of import to stress that nosotros were told yesteryear legislators that fifty-fifty if the Millionaire's Tax provided coin for higher ed, the legislature would even too thence accept to bring down higher ed funding to residual the budget, too thence nosotros mean value the novel first mightiness plough out to last improve for the UC system. We volition immediately accept to locomote together to force the legislature too the governor to re-fund higher ed.
We met amongst the governor’s budget people too several legislators on March 19th to force for budget linguistic communication that would increment transparency too funding for the UC system. If all goes well, tuition volition last frozen for 3 years, too the solid set down volition increment its contribution to the UC organisation yesteryear at to the lowest degree 4% each year.
Here’s a description of the novel initiative:
1. PERSONAL INCOME TAX:
a. 1% increment on incomes of $250,000 ($500,000 for couples). No modify from Governor’s initiative.
b. 2% increment on incomes of $300,000 ($600,000 for couples). Governor’s first was 1.5%.
c. 3% increment on incomes of $500,000 ($1 i M 1000 for couples). Governor’s first was 2%.
d. These revenue enhancement increases stay inward house for seven years. Governor’s first was five years.
2. SALES TAX: increment ¼ cent (Governor’s was ½ cent). Same expiration every bit the Governor’s.
3. STRUCTURE: The stair out volition last based on the Governor’s first structure, amongst the changes noted inward #1 too #2 above.
4. REVENUES (NOTE: THESE ESTIMATES ARE PRELIMINARY): This novel stair out volition generate virtually $9 billion for the 2012-13 budget (up from the $6.9 billion inward the Governor’s initiative).
Also, at that topographic point volition last additional comments inward statements from the principals virtually re-investing inward higher pedagogy every bit a priority. (Not to yell the fact that the novel stair out volition generate higher revenues.)
We require to pressure level the legislature too governor to dedicate funds to higher pedagogy inward the May Revise budget.
We met amongst the governor’s budget people too several legislators on March 19th to force for budget linguistic communication that would increment transparency too funding for the UC system. If all goes well, tuition volition last frozen for 3 years, too the solid set down volition increment its contribution to the UC organisation yesteryear at to the lowest degree 4% each year.
Here’s a description of the novel initiative:
1. PERSONAL INCOME TAX:
a. 1% increment on incomes of $250,000 ($500,000 for couples). No modify from Governor’s initiative.
b. 2% increment on incomes of $300,000 ($600,000 for couples). Governor’s first was 1.5%.
c. 3% increment on incomes of $500,000 ($1 i M 1000 for couples). Governor’s first was 2%.
d. These revenue enhancement increases stay inward house for seven years. Governor’s first was five years.
2. SALES TAX: increment ¼ cent (Governor’s was ½ cent). Same expiration every bit the Governor’s.
3. STRUCTURE: The stair out volition last based on the Governor’s first structure, amongst the changes noted inward #1 too #2 above.
4. REVENUES (NOTE: THESE ESTIMATES ARE PRELIMINARY): This novel stair out volition generate virtually $9 billion for the 2012-13 budget (up from the $6.9 billion inward the Governor’s initiative).
Also, at that topographic point volition last additional comments inward statements from the principals virtually re-investing inward higher pedagogy every bit a priority. (Not to yell the fact that the novel stair out volition generate higher revenues.)
We require to pressure level the legislature too governor to dedicate funds to higher pedagogy inward the May Revise budget.