On his first day in office, California Gov. Arnold Schwarzenegger makes good on a promise to roll back the state’s controversial vehicle license tax. The associated loss of $4.3 billion in revenue reportedly will be recouped via a borrowing program Schwarzenegger will ask voters to approve in March to cover the state’s $10 billion-plus budget deficit. Repealing the car tax increase, which took effect Oct. 1, was a basic tenet of Schwarzenegger’s election campaign. Critics say the loss of ...

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