Thursday, November 8, 2012

California Billionaires Win State Initiative To Raise Taxes On Themselves

As the rest of the country held its breath for Ohio and the results of the electoral college on Tuesday night, a number of California billionaires eyed ballot initiatives that hit a little closer to home.

In California, a number of superrich residents gave to support or defeat statewide propositions, among them a tax increase for wealthy individuals to prevent funding cuts to public schools. That initiative, Proposition 30, passed with a 53.9% vote in a race that saw billionaire donors give stunning amounts on both sides of the issue.

In an election that was, in part, defined by the massive amounts given to candidates and voter measures, California provided a case study for money’s influence on politics. Below are the results of several voter initiatives from the Golden State that were either backed or opposed by billionaires.

Proposition 30: Temporary Taxes to Fund Education

The brainchild of California Governor Jerry Brown, Prop. 30 was put on the ballot–and passed by voters–to prevent spending reductions to education programs. As promised by Brown, it will raise the state income tax on individuals making more than $250,o00 annually over the next seven years and raise the state sales tax slightly. For individuals in the highest tax bracket with taxable income over $1 million, the state income tax rate will rise to 13.3 percent from its current 10.3 percent. Read more....

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