Taxes, Budget Deficit | featured news

The U.S. economy is no longer on the edge of collapse, but Americans must reduce the budget deficit, Treasury Secretary Timothy Geithner said Sunday.

President Obama, Governor Schwarzenegger and other esteemed politicos may routinely distance themselves from the potential windfall that would accompany legalizing and taxing cannabis, but amid California's latest and deepest financial crisis the state Board of Equalization has tagged a whopping revenue figure to such a notion.

The plan would generate $4 billion a year by raising taxes on the highest earners, in a move that would help to close the state’s budget deficit.

Ambitious budget seeks to cut deficit in half in 4 years, largely by raising taxes on businesses, the wealthy, cutting spending in Iraq, Afghanistan.