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Following the decision in California Cannabis Coalition, to the extent a local tax increase initiative evades the constitutional two-thirds voter approval requirement for special taxes under Proposition 13 and/or Proposition 218, as a legislative remedy that tax may be reduced or repealed by the local electorate using the local initiative power ...
Social security taxes to state and local employees was extended without other pension coverage. A supplemental 0.2% unemployment insurance surtax was imposed. [2] The act imposed a 30% excise tax on the amount of price over $30,000 for autos, $100,000 for boats, $250,000 for airplanes, and $10,000 for furs.
Proposition 218 is an adopted initiative constitutional amendment in the state of California that appeared on the November 5, 1996, statewide election ballot. [1] Proposition 218 revolutionized local and regional government finance in California. [2]
California companies that go public, for example, can create a stock windfall for its founders and big tax bills. In 2022 and 2023, the number of companies that went public is down 80% compared to ...
California voters on Tuesday approved Proposition 35, the measure that cements an existing tax on health plans to help fund the Medi-Cal program, as election results continued to be tallied Wednesday.
California has the highest state income tax rate in the country for wealthier people, 13.3% for millionaires. But it is progressive, meaning those with lower incomes pay a lower percentage of ...
Propositions can be placed on the ballot either through the exercise of the initiative power by the voters or by a vote of the state legislature. The state initiative power was added to the California constitution in 1911 as part of the ethics reform instituted by Governor Hiram Johnson in the early 1910s.
California has some of the nation's highest income tax rates on top earners, but the state exempts a large share of the population from the income tax, and its property and sales taxes are lower ...