California has been held up as an example by the right about how Democratic fiscal policies fail, citing the last few years of extreme debt and budget shortfalls in the Golden State. However, that is all over now, as California predicts a billion dollar surplus by the 2014-2015 fiscal year. The reason for the budget turnaround? California voters passed Proposition 30, which is — the simple version — a sales tax increase as well as a higher tax on individuals earning more than $250,000 and families earning more than $500,000. The new law is predicted to bring in an additional six billion dollars.
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