Wednesday Must Read: Dems Propose Tax Changes; Prop. 8 Supporters Expect to Lose Today

Stories you shouldn’t miss:

1. Democratic legislative leaders want to raise income tax rates and vehicle license fees, while slashing the state sales tax, as a way to help bridge California’s $18 billion budget gap, the Chron reports. The Democratic plan also would implement an oil severance tax and delay corporate tax breaks. Democrats say the changes would actually decrease the annual tax burden for lower and middle income Californians, while increasing state revenues. But Governor Schwarzenegger has vowed to veto any plan that includes raising taxes.

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