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Strategies & Market Trends : World Outlook

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To: Don Green who started this subject	6/23/2003 9:35:38 AM
From: Don Green	of 49442

Gov. Gray Davis' administration formally declared Friday that California has run out of money, triggering a tripling of vehicle license fees for motorists without legislative approval. The tax will cost drivers an average of $158 more a year and add $4 billion a year to the state treasury to help cover the $38 billion shortfall. Registrations due in October will be the first required to pay the higher fees. Republicans denounced the governor's strategy and announced plans to challenge the increase in the courts as well as at the ballot box, with Sen. Tom McClintock, R-Thousand Oaks, filing requests to circulate two separate petitions for ballot measures. "The state is broke," state Finance Director Steve Peace said after issuing a technically worded, four-paragraph memo instructing state officials to take the steps necessary to raise the tax. dailynews.com

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