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The Nooner for November 17th

 

Happy Friday! You made it! 

TAXING FEVER: Well, as expected, the House voted yesterday to advance its tax plan, reports Sarah D. Wire in the Times.. Democrats were unanimous in their opposition. California Republicans voting against the bill were Darrell Issa, Tom McClintock, and Dana Rohrabacher. Several who voted for the bill said they expected the bill to get better, mostly citing the loss of the state and local tax and mortgage interest deductions, in conference committee. Of course, the Senate can't do that while meeting reconciliation rules where they need $1.4 billion in savings to offset the cost in order to use a majority vote--unless it goes to a conference committee. Then, the rules are dispensed with and we can add more money to the debt.

CRAZY TRAIN: Yesterday, we got a title and summary for a proprosed initiative that would prohibit the state collecting past due state income tax revenues of less than $100,000 and cuts the vehicle license fee and other DMV fees in half. It would be a cut of several hundreds of billions in state tax revenue.

 

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