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Tax hike proposed to help state budget

July 10, 2008 9:02:43 AM PDT
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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