California Comprehensive Tax Reform Initiative (2010)
From Ballotpedia
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On October 7, 2009, Frank D. Walker filed a request with the Office of the California Attorney General for an official ballot title on an act that he is calling the "Comprehensive Tax Reform Initiative."
The initiative has been cleared for circulation. The signature deadline is May 17, 2010.
Goal
If this measure succeeds, it will change California's taxation provisions in a variety of different ways.
Details
Ballot title: Changes California's Income and Property Tax Laws. Initiative Constitutional Amendment.
Summary: Repeals the two-thirds vote requirements to raise state or local taxes. Repeals Proposition 13's caps on property taxes. Excludes first $150,000 of personal income from taxation. Imposes maximum 8% marginal tax rate on personal income above $150,000. Allows taxpayers to take a credit against personal income taxes for property taxes paid in the same year. Imposes taxes on land having rental value.
Estimated fiscal impact: Replaces virtually all existing state and local tax revenues (about $170 billion) with a roughly equivalent amount from a new land tax and other taxes. Major revenue gains or losses could result depending on how the measure is implemented by the state.
Path to the ballot
- See also: California signature requirements
In order to make the 2010 ballot as an initiated constitutional amendment, supporters of the measure will have to collect 694,354 valid signatures of registered voters by May 17, 2010.
External link
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