In a vote that would make Obama proud, Californians had the choice to raise everyone's income taxes or just raise income taxes on those making over $250,000. Guess which they chose. We have reached the point in society where the majority can decide to raise taxes on a minority.
Proposition 30 had an 8 percentage point lead Wednesday morning, with 99 percent of precincts reporting.
Prop. 30 will raise the sales tax by one penny for every $4 spent for four years, while increasing the income tax on the state's highest earners for seven years. It would generate about $6 billion per year in new revenue. The sales tax hike will go into effect Jan. 1, while the personal income tax increase is retroactive to the beginning of this year.
Voters easily defeated Prop. 38, which would have increased the income tax rate on nearly all Californians for 12 years, generating about $10 billion per year. Nearly all of that money would have gone to public schools, though some of it also would have been spent to pay down the state's debt.
http://www.sfgate.com/politics/article/Props-30-38-California-tax-measures-4014648.php
Proposition 30 had an 8 percentage point lead Wednesday morning, with 99 percent of precincts reporting.
Prop. 30 will raise the sales tax by one penny for every $4 spent for four years, while increasing the income tax on the state's highest earners for seven years. It would generate about $6 billion per year in new revenue. The sales tax hike will go into effect Jan. 1, while the personal income tax increase is retroactive to the beginning of this year.
Voters easily defeated Prop. 38, which would have increased the income tax rate on nearly all Californians for 12 years, generating about $10 billion per year. Nearly all of that money would have gone to public schools, though some of it also would have been spent to pay down the state's debt.
http://www.sfgate.com/politics/article/Props-30-38-California-tax-measures-4014648.php
