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According to a new report from the California Tax Foundation, during the first two months of 2024, state lawmakers considered increasing taxes and fees by more than $193.28 billion a year.
The foundation’s Tax and Fee Report tallies 69 proposals with higher taxes or fees. With fiscal estimates still being prepared, the cost to taxpayers has been quantified for 19 of the measures so far, for a cumulative total of $193.28 billion a year in additional taxes if all were approved.
Major taxes acted on or pending in the Legislature include new taxes on personal assets, vehicles, rental properties, pet food, candy, online platforms, pesticides, firearm safety devices, airplanes, and more.
The taxes and fees were introduced as lawmakers and the governor face a budget deficit that the Legislative Analyst’s Office recently projected to be approximately $73 billion.
As state officials grapple with the budget’s operating deficit, Californians face major fiscal challenges, including a high cost of living that is growing due to inflation and increases in taxes and fees.
The Tax and Fee Report is a regular publication of the California Tax Foundation, updated throughout the year to reflect new legislative proposals. The report includes any measure estimated to cost $1 million or more per year in higher taxes or fees.
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