TOP INCOME TAX BRACKETS. REINSTATEMENT. REVENUES TO LOCAL AGENCIES. INITIATIVE STATUTE. Retroactively reinstates 10% and 11% tax rates, respectively, on taxpayers with taxable income over $115,000 and $230,000 (current estimates), and joint taxpayers with taxable income over $230,000 and $460,000 (current estimates). Requires Controller to apportion revenue from reinstated tax rates among counties. Requires counties to allocate that revenue to local government agencies based on each local agency's proportionate share of property taxes which must be transferred to schools and community colleges under 1994 legislation. Prohibits future reduction of local agency's proportionate share of property taxes. Summary of Legislative Analyst's Estimate of Net State and Local Government Fiscal Impact: Annual increase in state personal income tax revenues of about $700 million, with about half the revenues allocated to schools and half to other local governments.
Popular Vote Results
Y: 4575550; A: 49.2; N: 4723873; B: 50.8
Fran Packard, President, League of Women Voters of California; Mary Bergan, President, California Federation of Teachers; Daniel Terry, President, California Professional Firefighters
Larry McCarthy, President, California Taxpayers' Association; Ruth Lunquist, Small Business Owner (Herald Printing); Martyn B. Hopper, California State Director, National Federation of Independent Business (NFIB)
Rebuttal Against Author
Steven H. Craig, President, Peace Officers Research Association of California; Carol Ruley, President, California State Parent Teacher Association (PTA)
Top Income Tax Brackets. Reinstatement. Revenues to Local Agencies. California Proposition 217 (1996).