Attorney General No.
SA2005RF0086
Secretary of State No.
1149
Description
Imposes one-time 46% tax on persons with property worth more than $40 million as of January 1, 2006, and who were California residents for at least five years as of July 1, 2005. Adds 6% to income tax for high-income taxpayers. Reduces corporate income tax rate by more than half. Eliminates alternative minimum tax, gift tax, and certain tax credits, such as those for head of household and dependents. Creates or increases tax credits, such as for teacher pay, public college tuition and health insurance costs. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: One-time increase in state revenues potentially exceeding $100 billion from imposition of a wealth tax. A portion of this revenue would be required to be allocated to schools with the remainder used for other state spending or tax rebates. Ongoing revenue loss potentially in excess of $10 billion annually.
Proponents
Paul McCauley
Date
8-5-2005
Document Type
Initiative
Qualified
Failed to Qualify
Recommended Citation
Wealth Tax. Tax Rates and Credits. Initiative Statute. California Initiative 1149 (2005).
https://repository.uclawsf.edu/ca_ballot_inits/1309