Secretary of State No.
FISCAL POLICY. INITIATIVE. Requires Franchise Tax Board to prepare table of "California tax liabilities" for "income brackets" as defined. Californians filing income tax returns and paying more than "California tax liability" for their "income bracket" shall be refunded difference. Those paying less than "California tax liability" shall be surcharged difference. Provides for establishment of "Commission on the Future" with 20 to 50 members. Five years after adoption of measure Commission shall submit to Legislature a "future budget," recommending financial targets to be achieved as of year 2000. Every five years Commission shall revise "future budget" applicable to following twenty years. If the proposed initiative is adopted, undefined additional financing from state sources will be required in an amount which is presently impossible to estimate but which may be substantial.
Mr. James Stanbery, 3517 Anchovy, San Pedro, California 90732
Failed to Qualify
Fiscal Policy California Initiative 91 (1974).