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Wednesday
Mar142012

SACRAMENTO: Compromise tax proposal, deal reached, November ballot measure, governor and liberal Democrats, new tax brackets, lower sales tax increase, length of time the different tax elements would be in effect....

* Sacramento Bee:  "Senate leader Steinberg 'relieved and happy' over ballot deal" - From the Bee:

   Senate President Pro Tem Darrell Steinberg celebrated a deal Wednesday between Gov. Jerry Brown and the California Federation of Teachers to place a compromise tax initiative on the November ballot. "We were headed for a real collision course," said Steinberg, meeting with reporters in his office. "If this were a game, this would all be pretty interesting, the machinations. But this is not a game."

   The new deal. . .would raise the statewide sales tax by a quarter-cent rather than half-cent per every dollar of purchase. It would retain the governor's three higher tax brackets starting at one percentage point more for single filers making at least $250,000. But under the new deal, the last two tax brackets would increase at a steeper pace. Single earners would pay two percentage points more on income between $300,000 and $500,000 (income amounts doubled for joint filers), whereas the governor originally proposed a 1.5 percentage point increase.

   Singles earning at least $500,000 and couples earning at least $1 million would see their top bracket increase by 3 percentage points rather than the two percentage points Brown originally wanted. The income tax hike on the rich would also last longer than Brown's proposal, going for seven years instead of five, starting retroactively on Jan. 1, 2012. The sales tax hike would still start Jan. 1, 2013 and expire at the end of 2016.......

* Los Angeles Times (PolitiCal):  "Jerry Brown hails compromise tax proposal" - From the LAT:

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   But the new measure will face incredibly tight deadlines if it is to qualify for the November ballot. It must be reviewed by three different state officials and gather more than 1 million signatures by early May -- something that has never been done in such a short period of time, experts say.

   Steinberg said Brown will continue to gather signatures on his original measure -- which includes a half-cent sales tax hike for four years and a smaller, five-year upper-income tax increase -- "as an insurance policy" in case the new measure cannot gather the signatures in time. Steinberg said the teachers' federation has agreed to drop its tax initiative, which would have raised taxes on incomes of only $1 million or more........

Read more here: http://blogs.sacbee.com/capitolalertlatest/2012/03/california-senate-leader-darrell-steinberg-really-happy-and-relieved-over-deal.html#storylink=cpy