cross posted at CalWatchdog
Most of us would think that wealthy people would be more interested in sponsoring ballot initiatives to cut taxes, not to increase them. But of the three tax-increase ballot initiatives on the November ballot to significantly raise taxes, two were sponsored by very wealthy individuals, Proposition 38 by attorney Molly Munger and Proposition 39 by hedge-fund manager Tom Steyer.
The third is the Gov. Jerry Brown’s Proposition 30 tax increase.
Prop. 39 is getting noticed. But it’s is just another retread of the 2010 Proposition 24, which voters killed.
Prop. 39 would require businesses headquartered out of the state to use the “single sales factor method,” in which their tax liability is based solely on their amount of sales in the state.
They would no longer be allowed to use the other option, known as the “three-factor method,” which bases tax liability on a combination of the sales, property and number of employees a business has in the state. That option was a tax-cut part of the budget deal in 2009… Read More