California Tax Plans May Have Broader Reach, Lockyer Says
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California voters may increase taxes on top earners and also raise them for some of the lowest-paid residents if two competing initiatives on the November ballot both pass and are woven together.
Governor Jerry Brown wants to raise taxes on incomes of more than $250,000 a year. At the same time, Molly Munger, the daughter of Berkshire Hathaway Inc.’s vice chairman, Charles Munger, proposes to raise them for those earning more than $7,316. If both ballot measures are approved, their effects could be combined, state Treasurer Bill Lockyer said.