From California Post · · 1m 10s
Newsom's $14B Tax Boost for California
California's governor added $14.3 billion in new taxes during his final years in office, raising living costs as he prepares for a presidential run.
In brief
California's governor added $14.3 billion in new taxes during his final years in office, raising living costs as he prepares for a presidential run. California's governor approved $14.3 billion in annual taxes that will increase living costs for Californians. Originally reported by California Post.
New taxes approved
Democratic lawmakers and Newsom approved measures raising taxes and fees by $14.3 billion annually during the last two-year legislative session.
High costs for Californians
Californians already pay the nation's highest gasoline taxes, highest statewide base sales tax rate, and highest top personal income tax rate.
Tax impact on households
The new taxes would add about $1,000 annually per California household, though most target specific taxpayers and businesses.
Key tax measures
Senate Bill 122 extends taxation to digital software sales and limits tax credits, generating $9.17 billion annually.
Health plan tax
Senate Bill 125 imposes a health plan tax expected to raise $2.3 billion annually.
Total tax impact
The two measures account for $11.47 billion, or 80% of the $14.3 billion annual tax increases approved during the legislative session.
What it means
California's governor approved $14.3 billion in annual taxes that will increase living costs for Californians.
