State democrats have proposed a new tax hike to help fill California's $15 billion budget shortfall.Democratic leaders announced the plan that would raise taxes on the wealthiest Californians and corporations.
The proposed tax hikes total more than $8 billion. In addition, it would cut $6 billion from education, health care, and public transit.
The proposal leaves the state's Democrats and Republicans far apart. Both sides have an August 1 deadline to strike a deal.
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