January 16, 2010
Los Angeles Times Columnist Tom Petruno Highlights Tax Foundation Fiscal Fact on 2009 State Tax Changes
"Banks are just the first target on the tax agenda"
By Tom Petruno
President Obama has proposed what may be the most popular tax increase in American history: He wants the biggest banks to fork over about $9 billion a year for the next decade via a "financial crisis responsibility fee."
"We want our money back, and we're going to get it," Obama declared Thursday. ...
Meanwhile, the House and Senate will have to decide what to do about the estate tax. The tax, which totaled 45% on estates worth more than $3.5 million for singles and $7 million for couples, expired last year because the Senate failed to act on it.
Another big question mark: How many cash-strapped state and local governments will try to boost revenue this year by raising taxes or fees? Last year, nine states—including California—increased personal income tax rates, according to the Tax Foundation. Seven states, also including California, raised sales taxes last year; 18 raised taxes on the usual target, cigarettes.