California is putting together a new version of the 1903 movie “The Great Train Robbery,” one of the great films of the silent era.
Except this time, in the sequel, the train robs you, not the outlaws.
TheCalifornia High-Speed Rail Authority(CHSRA) wants to “capture” some of the local tax revenue in Central Valley towns that the bullet train is supposed to travel through (if it is ever finished).
The Merced Sun-Star reportsthat the high-speed rail wants to take “a portion of the rise in property and sales tax revenues — known as tax increments — created within a half-mile of a station by thebullet train project.”
The costs of the high-speed rail project have exploded, from $33 billion in 2008 to over $230 billion today.
That money has to come from somewhere. California can’t print it, and President Donald Trump won’t send any more.
California's top news, sports and entertainment delivered to your inbox every day.
So the cash-hungry CHSRA wants a piece of local taxes.
And the mayors are furious — as they should be, at being forced to subsidize the failing project.
CHSRA argues that because high-speed rail will improve local property values and boost economic activity, the “bullet train” should get a cut of the action.
Source: California Post – Breaking California News, Photos & Videos
