Clean Up the State’s Budget Mess – Fiscal Reform

Phil Angelides has a plan to clean up the state’s budget mess––restoring fiscal responsibility, balancing the budget, and putting California back on track so we can focus on the future.

• Common Sense Efficiencies and Reforms. Phil Angelides will cut wasteful spending and make government run more efficiently by, among other things, increasing the productivity of state operations at the same rate as the private sector, eliminating low-priority programs, cracking down on tax cheats, and managing the state’s real estate like a business.
• Restore Tax Fairness. To avoid cuts to education and health care, Phil Angelides will temporarily restore, for three years, the Reagan-Wilson 11% tax rates on the wealthiest Californians, those couples making more than $500,000 a year.   These are the same rates which were proposed and enacted by Governors Reagan and Wilson. This temporary measure will require the wealthiest 1 percent of Californians to pay an amount equal to only about one-fourth what they are receiving annually in Bush tax cuts. It will cost a couple earning $1 million a year about the price of two caffe lattes a day.
• All New Priorities Within a Balanced Budget. Phil Angelides will pay for new investments in California’s future––including tax-cuts for the middle class, small businesses, and seniors––line by line, dime by dime, within a balanced budget by closing wasteful loopholes for big corporations, which help a favored few at the expense of the overall economy. He will a create a commission, like the federal base closing commission, to review California’s tax code and recommend a package of corporate loopholes for elimination in a single up or down vote.

»To read more about Phil Angelides’ plan to build a better future for California and middle class families, click here. 

»To read more about Phil Angelides’ proposed budget plan click here.