California's focus on environmental issues pushed numerous changes to business policies and consumer freedoms over the past several decades. However, the newest environmental initiative, Proposition 30, failed to gain voter support. Proposition 30 would have taxed incomes greater than $2 million by another 1.75% and used the money to provide incentives for consumers to buy electric vehicles and install EV chargers. Most of these incentives were directed toward low income households. About 20% of the funds would have been used for wildfire prevention and training firefighters.
Tag: taxation
America’s National Debt Has Now Surpassed $31 Trillion (Macro News for October 8, 2022 – October 14, 2022)
U.S. national debt reached a new high of $31.1 trillion on Monday October 3, 2022, according to U.S. Treasury Department data. The last few years of Covid-19 pandemic spending pushed the total debt up by almost $8 trillion. The debt increased by $1 trillion in just the previous eight months.
In a Major Boost to Democrats, Manchin and Schumer Announce Deal for Energy and Health Care Bill (Macro News for July 30, 2022 – August 5, 2022)
Democratic Senators finally came to an agreement on an energy and health care bill that will affect all Americans and others around the world. The bill is likely to be approved without any Republican support. Assuming the House follows suit, the legislation will mark Biden’s most significant victory since taking office.
Democrats See Chance to Expand Economic Opportunity Slipping Away (Macro News for May 7, 2022 – May 13, 2022)
Democratic economists fear that President Biden’s Build Back Better political agenda may be dead in the water. The proposed legislation’s goal was for “government action to fundamentally expand opportunity for millions of Americans left behind by shifts in the modern economy.” However, that plan’s window of opportunity will expire if the midterm elections go as expected and Republicans gain control of at least one branch of Congress.
Pearson Economic News 