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Keyword: ab1815

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  • California: Taxing high-earners

    01/16/2004 3:51:32 PM PST · by John Jorsett · 17 replies · 113+ views
    Dan Weintraub Weblog ^ | January 16, 2004 | Dan Weintraub
    <p>Democrat Assemblywoman Wilma Chan of Oakland, backed by 24 of her colleagues, has introduced a bill to increase the top income tax rates in hopes of raising about $3 billion a year. Chan’s bill, AB 1815, would boost the top rate from the current 9.3 percent to 10 percent on singles with taxable incomes of more than $136,000 a year and joint filers earning $272,000. The top rate for individuals with incomes of $272,000 and couples earning $544,000 annually would go to 11 percent. Chan says her bill would affect the top 2 percent of California wage earners. I still expect Schwarzenegger to wiggle his way through the year without a tax increase. But I would not be shocked if, facing a stalemate this summer, he were to agree to place a bill like this on the November ballot and let “the people” decide whether to hike taxes or cut more programs. In my column this Sunday I will discuss the latest figures on the rise and fall of California’s super-rich and the implications for the state’s budget shortfall.</p>