Sacramento Report
December 20, 2011
Tax Initiatives on the Way
Several initiatives to raise taxes may be on the ballot next November. The initiative sponsored by Governor Jerry Brown would raise income taxes on high earners (those making over $250,000 per year) and increase the sales tax by half a cent for four years.
Another initiative proposes raising income taxes on Californians earning more than $1 million a year to fund K-12 education. A third initiative to fund education proposes to raise taxes on a sliding scale on almost all Californians, hitting the highest wage earners the hardest. Finally, a committee of business executives and politicians has an initiative plan to lower personal income rates but increase revenue by phasing in a 5 percent sales tax on services.
