Saturday, March 25, 2017

CA Dems propose free tuition funded by tax on millionaires

CA Dems propose free tuition funded by tax on millionaires:
"California state legislators have proposed a bill to make public colleges and universities completely tuition-free by creating a special tax on the state’s remaining millionaires.
Assembly Bill 1356, introduced Monday by Democratic Assemblywoman Susan Talamantes Eggman, would impose a one-percent tax on incomes over $1,000,000 in order to close “the unfunded gap between existing aid programs and the cost of tuition and fees.”
Image result for free moneyA press release put out by Eggman’s office asserts that California needs roughly $2 billion to cover the cost of college tuition for all state residents, and estimates that the new tax would generate about $2.2 billion, all of which would be deposited into the state’s Higher Education Assistance Fund for that purpose.
...Jon Coupal, the president of the Howard Jarvis Taxpayers Association, told the Associated Press that the new tax would “give California citizens who have done well one more reason to move out of California.”
Eggman, however, dismissed that prediction, pointing out that the wealthiest 1.5 percent of Californians already provide roughly half the state’s tax revenue, and that voters have twice approved special taxes on millionaires since 2004."

No comments: