Calif assembly votes to cut spending, hike car tax

Newswire

SACRAMENTO, California, Jan 28 (Reuters) - Legislators in California, facing a huge gap in the state budget, voted on Tuesday to slash $8.6 billion in spending and raise taxes on cars to the tune of $4 billion annually. As the California economy flourished during the Internet boom, the state lowered annual vehicle licensing fees in 1998 to less than one percent of a car's value from two percent. Yet in 2003, California, like many U.S. states, is mired in a severe fiscal crisis because of ...

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