SACRAMENTO, Calif. (AP) — Proponents of a so-called “millionaire’s tax” say they will begin collecting signatures for an initiative that would raise income taxes on California’s wealthiest residents, even as Gov. Jerry Brown and another group push their own tax-hike campaigns.
The California Federation of Teachers is among the groups backing a ballot initiative to raise income taxes on people who make more than $1 million a year. Supporters said Monday they expect to raise the $10 million to $12 million needed for a campaign.
The Democratic governor is pushing a separate proposal to temporarily raise income tax rates on people who make more than $250,000 and increase the state sales tax by half a cent. Wealthy attorney Molly Munger is promoting her own initiative to raise income taxes.
Copyright 2012 The Associated Press.