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Economy

Controller Chiang Hopeful After Prop 30 Passage

The state government's top money man is hopeful about California's budget, now that voters have passed Governor Brown's tax measure.  But state controller John Chiang says there is still more work to do.
 
At a trade conference in Oakland Wednesday,  Chiang told the audience he was grateful the passage of Proposition 30 will allow him to pay the bills this year. But, he says, more action is needed to fix a system with a tax code written in the 1920’s. "We have to do a lot of smart, small, medium and big resolutions to get California in a sound financial place," he says.

Chiang says a few decades ago sales tax was the biggest revenue generator. Now it’s personal income tax. The controller says the Democrats' new two-thirds majority in the Legislature will have a chance to enact significant fiscal reforms.  But a number of groups who opposed Proposition 30 say they are concerned the supermajority could just mean more taxes.

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