Attorney General No.
Secretary of State No.
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.
Failed to Qualify
IMPOSES NEW ANNUAL SURCHARGE AND NEW ANNUAL TAX ON ALL PENSION INCOME OVER $40,000. INITIATIVE STATUTE California Initiative 1470 (2010).