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Released: July 01, 2011
California’s sales and vehicle taxes head down
Source: Shane Goldmacher and Esmeralda Bermudez, Los Angeles Times (Free Registration)
Millions of California shoppers and car owners are in for some rare good news from Sacramento: tax cuts. Starting Friday, the statewide sales tax rate drops by one percentage point — a penny on the dollar — and the annual vehicle license charge that drivers pay tumbles by 43%. The expiring increases, which were placed on the books in 2009 as California teetered toward insolvency, will provide significant savings for many people. On average, a family of four will save more than $1,000 a year when income tax hikes that expired in January are factored in, according to Republican lawmakers.Read Full Article: California’s sales and vehicle taxes head down
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