Assembly considers extra tax on the rich Assembly considers extra tax on the rich (January 23, 2004)

Lieber co-authored new tax bill
A Bay Area legislator has introduced a bill to generate revenue for California by raising taxes on the rich.

Assembly Majority Leader Wilma Chan (D-Oakland) and 24 co-authoring Assembly members introduced AB 1815, which is expected to generate more than $3 billion per year by boosting tax rates on top earners, last Friday.

Under the proposal, individuals earning more than $136,000 in annual taxable income will see a tax-rate increase from 9.3 percent to 10 percent. Those earning more than $272,000 will see their rates increase to 11 percent.

About two percent of Californians will be affected by the tax, Chan said.

"With a budget deficit as big as the one facing California, we all have to share in the solution,'' Chan said. "It is only reasonable that the wealthiest Californians contribute a fair share.''

Chan also noted that with federal tax cuts enacted last year, most high-end taxpayers will still end up with a net decrease in their state-federal tax bill.

Among the bill's co-authors are former Mountain View mayor Sally Lieber (D-Mountain View), John Dutra (D-Fremont), Loni Hancock (D-Berkeley), John Laird (D-Santa Cruz), Mark Leno (D-San Francisco), Joe Nation (D-San Rafael), Gene Mullin (D-Daly City) and Leland Yee (D-San Francisco).
--Bay City News

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