Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

http://www.businessweek.com/ap/2012-11-14/la-council-moves-to-send-tax-boost-to-voters

AP News

LA council moves to send tax boost to voters


LOS ANGELES (AP) — Los Angeles is hoping taxpayers are in a generous mood.

One week after voters approved a statewide sales tax increase pushed by Gov. Jerry Brown, the Los Angeles City Council on Tuesday tentatively approved placing a half-cent boost on the March city ballot.

The city of nearly 4 million people has been wrestling with long-running budget gaps and soaring health and pension costs for retired city workers.

Proposition 30 approved last week will increase the sales tax in the city from 8.75 percent to 9 percent on Jan. 1.

The city proposal would kick that rate to 9.5 percent — among the highest in the nation.

The proposal approved 10-4 must return for a second vote next week.

It would raise an estimated $200 million a year.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus