Attorney General No.
10-0017
Secretary of State No.
1470
Description
Imposes on California residents a new annual surcharge (between $5,000 and $50,750) and a new annual tax (between 20% and 60%) on all pension income, including employer-paid health insurance premiums, in excess of $40,000. May impose a one-time additional tax on non-California residents whose pension benefits earned in California in a taxable year exceed $40,000. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: Potential annual state revenue increase of up to $18 billion beginning in 2012 and decreasing over time from new taxes on pension benefits. This estimate assumes the proposed excise tax is upheld by the courts.
Proponents
Paul McCauley
Date
6-10-2010
Document Type
Initiative
Qualified
Failed to Qualify
Recommended Citation
IMPOSES NEW ANNUAL SURCHARGE AND NEW ANNUAL TAX ON ALL PENSION INCOME OVER $40,000. INITIATIVE STATUTE California Initiative 1470 (2010).
https://repository.uclawsf.edu/ca_ballot_inits/1670