Assemblymember Kristin Olsen, R-Modesto, today issued the following statement following a drop in the sales tax and vehicle license fee:“I am pleased that Californians will be experiencing some tax relief,” said Olsen. “Families being able to keep more of their hard-earned money is especially important in the Central Valley where we have unemployment and foreclosures. Additionally, more people buying things will lead to more jobs and taxes being paid, providing additional revenue to support important priorities like education and public safety.”
Background:Californians will experience some tax relief when the sales tax and vehicle license fee drop. The Legislature raised these taxes temporarily in February 2009 in an unsuccessful attempt to solve our budget problems. The one percent increase in the sales tax and the near-doubling of the vehicle license tax will disappear as scheduled.Including the quarter-percent income tax cut that Californians enjoyed earlier this year, the typical family will save about $1,000 in taxes annually. Families will also benefit from reinstituting the full Child and Dependent Care Expenses tax credit, which will rise from $99 per filer ($188 for joint filers) to roughly $309. This is more money for families to spend on their household budgets.
No comments:
Post a Comment