Money, money, money: everywhere you look, money — and not a drop to spend.California spends about $96 billion every year, about $16 billion more than its revenues. The Legislature and the governor partially closed the gap with $8.2 billion in cuts.
But there is still a gap of about $6 billion, which the governor proposes to fill with additional revenue, or taxes as we call them.
To make it more interesting, there are two tax proposals on the ballot to fill this budget hole: Proposition 30 and Proposition 38. Proposition 30 is the governor’s tax increase. It is supported by Gov. Brown, the teachers unions, the California Sheriff’s Association and the League of Women Voters.