On Monday, supporters of a state tax hike proposal by attorney Molly Munger submitted 830,000 signatures to election officials, significantly more than required to qualify the initiative for the November ballot, KPCC's "KPCC News" reports ("KPCC News," KPCC, 5/8).
Details of Proposal
The proposal -- called "Our Children, Our Future" -- aims to raise income taxes for all residents, with the highest earners seeing the largest hike. Most of the funds raised would support education programs.
Details of Rival Tax Plan
A compromise tax hike proposal by Gov. Jerry Brown (D) and supporters of the "Millionaires Tax" also is being submitted for qualification on the November ballot (California Healthline, 4/17).
The compromise tax plan would:
- Increase the personal income tax by one percentage point for individuals who earn $250,000 annually or couples who earn $500,000 annually and by two percentage points for individuals who earn $300,000 annually or couples who earn $600,000 annually;
- Extend the income tax increases on wealthy residents from five to seven years; and
- Increase the sales tax by a quarter of a cent, down from Brown's original half-cent increase.
The sales tax hike would expire in four years.
The proposal would raise an estimated $9 billion over the next fiscal year (California Healthline, 5/4).
Munger Discusses Possible Collaboration With Compromise Plan
In an interview published Tuesday by the Sacramento Bee, Munger said that while there is no time to merge her plan with the compromise tax plan, there is time to "find a path where we can run a cooperative campaign that maximizes the chances we get a successful outcome this fall." Munger said that she is "optimistic that there is a path to some sort of cooperative approach here" (Yamamura, Sacramento Bee, 5/8).