Many states will be voting on measures related to taxes, but the main fight over taxes is in California. The daughter and son of billionaire Charles Munger are spending millions in an attempt to defeat Gov. Jerry Brown’s ballot initiative, Proposition 30, which institutes a tax increase to fund public education and other state services. The Mungers are sponsoring Proposition 38, which would raise $10 billion a year for public school districts and early development programs by increasing the income tax on most Californians. Brown’s proposition would increase state sales tax and only increase income taxes on those earning over $250,000.
Many Californians worry that the drama will sink both initiatives, and leave the state’s schools without a much-needed funding increase.
The Mungers, incidentally, have also spent millions supporting Proposition 32. More on that here.