To prevent teacher layoffs, L.A. Assembly Speaker Fabian Núñez is proposing a 6% tax hike on oil produced in California that would be diverted the help fill the gap in next year’s anticipated education budget cuts. An additional 2% tax would be placed on windfall oil profits. The new taxes could generate $1.2 billion annually for the state.
Gas, by the way, has hit the $4 mark in the Los Angeles area (and California Progress Report notes, “in the tiny coastal town of Gorda, about 40 miles south of Big Sur, the local gas station was selling gasoline for $5.19 a gallon over the weekend”), so its no surprise that the Sacramento Bee reports the bill is expected to fail when it hits the Assembly floor this week.
Probably a good time to also mention that support for a proposed high speed rail between Fullerton and Anaheim is gaining momentum. Californians will be able to vote for or against the project this November.