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The richest Californians doubled their share of the State's income in the last 20 years but pay lower tax rates than they did in the 1990s. Corporations exploit loopholes to lower their tax rate from 8.85% to an effective rate of below 5%. Meanwhile, California is at or headed toward the bottom in maintaining critical infrastructure and services.
We must go where the money is and put it to work for California. Raise taxes on those who have prospered and who can most afford to invest in our state.
A coalition of Californians is organizing to bring a fair tax increase initiative to the November 2012 ballot. The opposition will pour millions to try and confuse votes and defeat it.
A new Tulchin Research poll conducted on behalf of the California Federation of Teachers finds that California voters strongly support increasing taxes on the wealthy as a way to balance the state’s budget without additional cuts to essential services. .... the poll finds overwhelming support from California voters for a proposal to raise income taxes by 1% on the top 1% of Californians.... Specifically, nearly four out of five voters (78%) support this proposal with more than half of all voters (53%) strongly supporting it. MORE ...
Vanity Fair, the monthly organ of opulence that chronicles, celebrates and caters to the self-indulgence of the uber rich, seems a strange place to encounter a learned and astute analysis of wealth inequality in America. VF’s current issue, however, features just such an insightful piece, by Nobel-winning economist Joseph Stiglitz More...