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Brown administration to submit tax hike initiativeReport: CA governor plans initiative to boost taxes on the rich, add half-cent sales tax
SACRAMENTO, Calif. (AP) ' California Gov. Jerry Brown is planning a ballot initiative that asks voters to increase taxes on the wealthy and raise the sales tax by half a cent.
The Los Angeles Times, citing sources with direct knowledge of the plan, http://lat.ms/s0aul6 , reported that the governor's office plans to file ballot language with the attorney general's office as early as Friday.
The initiative would be intended for the November ballot but might be competing with several other tax-related initiatives.
It would add an extra 1 percent tax on individuals earning more than $250,000 a year. Individuals making between $300,000 and $500,000 would be taxed an additional 1.5 percent. Those making more than $500,000 would be taxed another 2 percent.
The income and sales tax hikes would raise about $7 billion and expire in 2016.
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