California: Governor will propose initiative to raise taxes

Mon, Dec 5 2011 — Source: KSBW 8

Echoing the Occupy Wall Street movement’s call to tax the rich, Gov. Jerry Brown wants California’s highest earners to pay more to stave off further budget cuts to education and social services. Brown is expected to propose a ballot initiative asking voters to increase taxes on the rich and raise the statewide sales tax by half a cent, to 7.75 percent. The combination of income and sales tax increases would raise about $7 billion and expire in 2016.

Read the story from KSBW 8