Bill to Close CA Budget Gap by Hike in Taxes on the Weathiest Intro'd by Chan and 24 Legislators

On the heels of a California Field Poll showing that 61% of Californians
support increasing taxes on the wealthiest to close the budget gap,
Assembly Majority Leader Wilma Chan, joined by 24 members of the
California Legislature, today introduced Assembly Bill 1815, which is
expected to generate more than $3 Billion a year by boosting tax rates
slightly on top earners.

The legislators include both moderate and progressive members and representatives of urban, suburban and rural areas stretching from one end of the state to the other. A similar approach to solve the budget deficit was taken by Governor Pete Wilson and the Legislature in the early 1990s, and by Governor Ronald Reagan.

"With a budget deficit as big as the one facing California, we all have to
share in the solution," said Assemblywoman Wilma Chan (D-Oakland) who
authored the bill.

"It is only reasonable that the wealthiest Californians contribute a fair share." Chan noted that with federal tax cuts enacted last year, most high-end taxpayers will still end up with a net decrease in their state-federal tax bill. Assemblyman John Dutra (D-Fremont) is a joint author of the bill.

Under the proposal, individuals earning more than $136,000 in taxable
income (after deductions) will see a slight rate increase from 9.3% to 10
%. Individuals earning more than $272,000 in taxable income will see
their tax rates increase to 11%. About 2% of Californians will be
affected by the tax.
Among the members co-authoring the bill are:
* Assemblymember John Dutra (D-Fremont)
* Assemblymember Jackie Goldberg (D-LA)
* Assemblymember John Longville (D-Long Beach)
* Assemblymember Patty Berg (D-Eureka)
* Assemblymember Ronald Calderon (D-Montebello)
* Assemblymember Paul Koretz (D-Hollywood)
* Assemblymember Judy Chu (D-Monterey Park)
* Assemblymember Mervyn Dymally (D-LA)
* Assemblymember Marco Firebaugh (D-LA)
* Assemblymember Jerome Horton (D-LA)
* Assemblymember Loni Hancock (D-Berkeley)
* Assemblymember John Laird (D-Santa Cruz)
* Assemblymember Mark Leno (D-SF)
* Assemblymember Lloyd Levine (D-Van Nuys)
* Assemblymember Joe Nation (D-San Rafael)
* Assemblymember Gene Mullin (D-Daly City)
* Assemblymember Sally Lieber (D-Santa Clara)
* Assemblymember Cindy Montanez (D-LA)
* Assemblymember Jenny Orapeza (D-Long Beach)
* Assemblymember Sara Reyes (D-Fresno)
* Assemblymember Mark Ridley-Thomas (D-LA)
* Assemblymember Darrell Steinberg (D-Sacramento)
* Assemblymember Juan Vargas (D-San Diego)
* Assemblymember Leland Yee (D-San Francisco)

Rachel Richman, Chief of Staff
Hon. Wilma Chan, Majority Leader, California State Assembly 1515 Clay St. #2204 Oakland, CA 94612
510-286-1670 x13 510-286-1888 fax