More Taxes On Monday In California

Starting Monday July 1, California state gasoline taxes will be 10% higher.  This comes on top of higher taxes across the spectrum in the Golden State this year.  Californian’s will also pay more this year in sales taxes, residential property taxes, commercial property taxes, income taxes, use taxes, user fees, etc. etc.   Lest we forget, federal taxes went up this year too.   And, borrowing rates are up significantly since the first of the year while savings rate remain very low.   Makes one wonder…  What’s the wisdom of all this and who is looking out for the taxpayer and consumer?  What’s the tipping point?  Can the cumulative effect push the state into a regional recession?


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