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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: i-node who wrote (684286)	11/11/2012 1:33:43 AM
From: bentway	Read Replies (1) \| Respond to of 1584759

California Billionaires Win State Initiative To Raise Taxes On Themselves Proposition 30: Temporary Taxes to Fund Education The brainchild of California Governor Jerry Brown, Prop. 30 was put on the ballot–and passed by voters–to prevent spending reductions to education programs. As promised by Brown, it will raise the state income tax on individuals making more than $250,o00 annually over the next seven years and raise the state sales tax slightly. For individuals in the highest tax bracket with taxable income over $1 million, the state income tax rate will rise to 13.3 percent from its current 10.3 percent. The list of the biggest individual supporters of Prop. 30, which raised $69.5 million according to research organization MapLight, reads like a roll call of some the Forbes 400's most liberal members. Among the billionaire supporters; venture capitalist John Doerr, Salesforce.com CEO Marc Benioff, Qualcomm founder Irwin Jacobs, David Geffen, Steven Spielberg, and Stewart and Lynda Resnick. Those donors combined gave more than $300,000 in favor of the initiative. While fewer members of the superrich donated to defeat Prop. 30, they donated significantly more in a losing effort. Opposition groups to the initiative raised $53.4 million, including more than $35 million from Charles Munger Jr., the son of billionaire Charles T. Munger Sr. (Munger Sr. is vice chairman under Warren Buffett at Berkshire Hathaway). Other billionaire supporters included Charles Johnson, the chairman of mutual fund firm Franklin Resources and the largest shareholder in the San Francisco Giants baseball team; former Hollywood mogul Jerry Perenchio; cellphone entrepreneur Craig McCaw; and venture capitalist Mark Stevens. “It’s easy for politicians to call out the welathy and say they’re only paying taxes at a certain rate,” said former Sequoia partner Stevens in an interview before the election. “At a national and a state level, the wealthy carry an inordinate amount of the overall tax burden.” forbes.com