January 14, 2010
California’s situation is getting worse, and S&P has taken notice by dropping its bond ratings for the second time in a year. California now has to spend more money on interest for any bonds it issues, exacerbating the budget crisis in the state and putting more pressure on the government to raise taxes at an inopportune time.
What’s more is that it’s not just bond cuts, but job cuts that will becoming as the state looks to slash billions more from the budget. And these cuts are trickling down to the regional and city level as well, forcing additional cuts.
Look for more momentum behind the push to exclude commercial properties from Proposition 13 this year!
- Paul Krugman on California and Proposition 13
- 20,000 California State Jobs At Risk
- Proposition 13, Property Taxes, and Tenants
- AB2640 Seeks to Repeal 1031 Exchanges in California
- Capital Gains Tax Hikes Loom; Proposition 13 Tax At Risk