Trio of tax initiatives land on California ballot
By: Al Ortiz
SACRAMENTO, California: The Golden State will now see three additional measures placed on the 2012 ballot in November, after three initiatives were certified by the California Secretary of State. When all was said and done, the secretary's office concluded that enough valid signatures were collected by each effort behind the measures.
The following measures made the ballot:
- A measure to require multistate businesses to calculate their California income tax liability based on the percentage of their sales in California.
- A measure to increase state income tax rates for most Californians, resulting in increased revenues to the state of about $10 billion a year. The measure was proposed by Molly Munger.
- A measure to raise California’s sales tax to 7.5% from 7.25%, a 3.45% percentage increase over current law.