Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Tenchusatsu who wrote (568174)	5/26/2010 1:47:10 PM
From: bentway	Respond to of 1578530

California going the way of Greece!?!?! _____________________________________________ State Assembly Speaker John A. Perez on Tuesday outlined an alternative path to balancing California's budget that would raise oil taxes, delay corporate tax breaks and borrow billions from the nickel-and-dime deposits consumers make on recyclable bottles -- and would not require any Republican support. At the heart of the proposal is the idea of raiding the state's bottle deposits for the next 20 years and then getting an $8.7-billion loan from Wall Street. The programs currently funded by bottle deposits would be reimbursed by a new tax on oil production. Perez (D-Los Angeles) called his budget plan a "unique and creative approach." A spokesman for Gov. Arnold Schwarzenegger called it "legal gymnastics." Under his plan, the speaker would cast aside almost all the budget cuts Schwarzenegger proposed earlier this month. The state would use the borrowed money from the bottle deposits to fund programs this year. To pay back the loan in the future years, the state would then levy a nearly 10% oil severance tax.