Election officials announced June 20 that Governor Jerry Brown's tax increase initiative has enough signatures to qualify for the November ballot. The initiative proposes to increase the state's top personal income tax rate to 13.3 percent through 2018, and to increase the sales and use tax by 0.25 percentage points for five years.
In addition, Molly Munger's across-the-board income tax increase initiative also has qualified for the ballot.
A third tax initiative, mandating use of a single sales factor apportionment formula for specified taxpayers, sponsored by hedge fund manager Tom Steyer, has qualified for the November ballot as well.
June 22, 2012
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