This week, speaking at a lunch meeting of the Sacramento Press Club, Assembly Speaker Fabian Nunez announced that he could support raising revenue to help the state’s projected $14.5 billion deficit. He said that a “fair compromise” to solving the state’s budget problem would be to solve half of the money crisis with revenue increases and the other half with spending cuts. The 50-50 approach was once employed by Gov. Pete Wilson when faced with a similar budget crisis in the early 1990s.
Núñez's budget comments have come at a time when lawmakers are trying to craft a plan to solve this year's budget deficit. Legislative committees are expected to disclose a strategy this week. Nunez, a Los Angeles Democrat, added that no agreement has been reached with Republicans.
When asked how to generate new revenue, Núñez mentioned the possibility of taxing oil companies for drilling, closing a tax loophole on yacht purchases, increasing taxes on million-dollar vacation homes, and possibly creating a split tax roll that generates more revenue from businesses. Núñez also resurrected the notion of leasing or selling the state lottery to a private investor. His proposal would be a selective tax on the wealthy as he said he opposes an across-the-board tax hike.
Link: http://www.sacbee.com/111/story/708613.html
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