California "Tax Public Pensions Above $100,000 Per Year Act" (2012)

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A California "Tax Public Pensions Above $100,000 Per Year Act" (11-0021) was approved for circulation in California with a circulation deadline of February 3, 2012. However, its sponsors did not submit petition signatures to election officials by the deadline.

To earn a spot on the state's 2012 ballot, sponsors of the initiative would have had to collect 807,615 signatures.

The letter requesting a title and summary for the proposed initiative was signed by Alan Oliver Ebenstein. Ebenstein is a lecturer in economics at the University of California-Santa Barbara.[1] He says that he has found financial backers willing to put "a few hundred thousand dollars" toward a petition drive to collect the required signatures to qualify the measure for the ballot. Ebenstein is supporting two additional ballot measures that are reqarded as unfriendly to labor.[2]

Text of measure

See also: Ballot titles, summaries and fiscal statements for California's 2012 ballot propositions

Ballot title:

Increases Income Taxes on Teachers, Nurses, Police Officers, Firefighters, and Other Public Employees for Pension Income. Initiative Constitutional Amendment.

Official summary:

"Increases income tax rate by 15% for annual pension income between $100,000 and $149,999, and 25% for annual pension income over $150,000, on income received by teachers, nurses, police officers, firefighters, and other public employees from the California Public Employees' Retirement System and the California State Teachers' Retirement System."

Summary of estimated fiscal impact:

(This is a summary of the initiative's estimated "fiscal impact on state and local government" prepared by the California Legislative Analyst's Office and the Director of Finance.)

"Possible increase in state revenues from a new tax on certain public employee pensions. Over the long run, these revenue gains would be offset by decreases in other state and local revenues and increases in some state and local costs."

External links

References


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