The budget clock continues to tick loudly here in Sacramento. The 2010-11 budget is now the fifth-latest budget in recent memory and, if you’re the betting type, could be in the running for first place.
The 2008-09 budget was not adopted until September 21, 2008 – and that budget lasted all of 44 days until the day after the November election, when Governor Schwarzenegger declared a fiscal emergency and called the Legislature back into session.
Is this déjà vu all over again? On Wednesday, the Senate Revenue and Taxation Committee heard testimony from a number of witnesses regarding the tax package proposed by legislative Democrats. The Legislative Analyst’s Office indicated that their analysis showed that the proposal would result in an increase of tax liability by people who earn between $20,000 and $200,000 per year. However, both Stanford Law Professor Joe Bankman and UCLA Law Professor Kirk Stark lauded the proposed plan. Why the difference? Well, it depends on how you ask the question.
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