If passed, tax proposals mean hikes for California millionaires

Three tax hike proposals in California are currently in the signature-gathering phase. With enough signatures, the proposals will be put on the upcoming November ballot.

According to a new poll, a sizeable majority of California voters are in favor of a tax hike on millionaires. Sixty-three percent of voters who were polled said they were inclined to vote yes for that particular tax increase, which is competing with a tax increase proposed by Governor Jerry Brown.

Governor Brown's proposal would combine a temporary half-cent sales tax increase with a hiked income tax on the wealthy. His proposal has garnered 58 percent support.

However, voters haven't demonstrated as much approval of a third proposal, which is a broad-based income tax increase. That proposal, which has been touted as possibly raising $10 billion for public schools, has only received 45 percent support. 48 percent of the voters who were polled opposed the broad-based plan.

According to a news report, Governor Brown's aides also tested how the tax initiatives would fare among voters if all three plans were put on the November ballot. In a press release from earlier this week, the governor's aides indicated that none of the tax increases would pass into law if all three appeared on the ballot at the same time.

It seems that too many options to raise taxes on wealthy California residents could reduce the chances of an actual tax hike. Still, taxpayers in California will likely want to prepare for significant changes in the tax code. The results of the recent poll suggest that a majority of Californians are looking for an income tax increase on the wealthy, and that means many taxpayers in California may want to make certain plans for the protection of assets and tax compliance.

Source: Los Angeles Times, "Voters favor two of three California tax proposals, poll finds," Feb. 24, 2012

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