TAXES ON PUBLICLY TRADED SECURITIES. INITIATIVE CONSTITUTIONAL AMENDMENT. Imposes 3% tax on buyer and seller on purchase price of every publicly traded security bought by any "person" or other entity within taxing power of the state. Both donor and donee shall be taxed on gift of security. Both beneficiary and estate shall be taxed on inheritance of security. Revenues from tax shall be deposited in "Local Government Distribution Fund" and disbursed pursuant to formula. Conviction for failure to comply with provisions of measure shall result in mandatory fine of ten times amount of tax which would otherwise have been collected.
California Foundation For Economic Justice, 76 Third Street #725, San Francisco, California 94103 Telephone: (415) 362-9210; Mr. Patrick H. O'Shaughnessy, 76 Third Street, No. 725, San Francisco, California 94103; Ms. Bunny Roth, 317 Tenth Street, San Francisco, California
Failed to Qualify
Taxes On Publicly Traded Securities (1974).