There are actually three tax measures on the statewide ballot. Prop 39 concerns a corporate tax loophole, and would dedicate the revenue from closing it to energy projects. That exists separately from Brown’s measure, and so both Prop 30 and Prop 39 could pass under the law. But Prop 38, promoted by millionaire lawyer Molly Munger, is a different animal. Munger’s proposition would increase overall state income tax rates to pay for schools and early childhood education. It conflicts with Brown’s increase on just the top tax rates (along with a small 1/4 cent increase in the state sales tax). So both measures cannot pass; if they both cross the 50% threshold, whichever proposition gets the most votes will get implemented.
|By: David Dayen Wednesday October 10, 2012 7:45 am|