On Wednesday, three tax measures officially qualified for the November ballot, the Sacramento Bee reports.
The tax ballot measures include:
- A compromise tax hike plan -- developed by Gov. Jerry Brown (D) and supporters of the "Millionaires Tax;"
- A tax increase proposal by attorney Molly Munger; and
- A tax initiative by hedge fund manager Tom Steyer (Yamamura, Sacramento Bee, 6/21).
Details of Compromise Tax Hike Plan
The compromise tax hike 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.
The sales tax hike would expire in four years.
The proposal would raise an estimated $9 billion over the next fiscal year (California Healthline, 6/11).
The compromise tax hike measure has been incorporated into a fiscal year 2012-2013 budget plan currently being negotiated by Brown and Democratic legislators (California Healthline, 6/19).
Details of Munger's Tax Hike Proposal
Munger's tax hike proposal, called "Our Children, Our Future," aims to raise income tax for all residents, with highest earners seeing the largest hike. Most of the revenue would support education programs (California Healthline, 6/11).
Details of Steyer’s Plan
Steyer's plan would raise about $1 billion annually by changing California's corporate tax formula (Sacramento Bee, 6/21).
About half of the funds would go to California's general fund (Adler, "KXJZ News," Capital Public Radio, 6/20).