What will the new CA budget mean for you?

When Molly Kieffer got up on Thursday morning and found out the state had a new budget with several new taxes, she was livid.

"It's really, really scary because we live paycheck to paycheck. Every dime counts," said Molly.

Molly and her family of four are going to have to dig deeper into their pocketbooks to come up with the extra money they'll spend in taxes each year. Molly figures she'll spend $1,500 more, based on a calculator she found on the Web.

"That allows you to put in your household income, how many cars you have, how much you drive a week, how many kids you have," said Molly. "And I came up with $1,500."

California lawmakers came up with the following to increase revenue:
Increasing sales tax by 1 cent on the dollar.

• If your family spends $12,000 per year on taxable goods, your annual costs will increase by $120.

• If your car is now worth $15,000, your tax will go from $97.50 to $172.50 per year.

• A family making $80,000 will pay an extra $200 per year in state income taxes.

• The credit will be cut from $300 per child to $100 per child.

All of this means changes for many families, including the Kieffers.

"We were talking about buying a house. I don't know if we'll be able to do that now," said Molly.

The new taxes are only part of the story. There are also plenty of cuts throughout the state including education and social services.