Official Description of Governor’s Tax Initiative from the LAO
As readers of this blog will know, the Regents have endorsed Prop 30, the governor’s tax initiative to be on the ballot Nov. 6, 2012. Below is the official description from the Legislative Analyst’s Office that will be seen by voters. ========= Proposition 30 Temporary Taxes to Fund Education. Guaranteed Local Public Safety Funding. Initiative Constitutional Amendment. Summary of Legislative Analyst’s Estimate of Net State and Local Government Fiscal Impact Fiscal Impact: Increased state tax revenues through 2018-19, averaging about $6 billion annually over the next few years. Revenues available for funding state budget. In 2012-13, planned spending reductions, primarily to…