The Democratic Freedom Caucus is pleased to see an initiative in California entitled, “The California Tax Reform Initiative” which is being promoted by Prosper California. The initiative is now in circulation for the purpose of obtaining sufficient signatures of registered voters to qualify for the ballot next November (Secretary of State initiative #1413, A.G. File No. 09-0051).
The initiative, among other things, seeks to make exempt state personal income taxes for the first $150,000, with a maximum tax rate of 8%, to abolish state and local sales taxes, corporation taxes, and existing property taxes on real & personal property, and to shift the tax to 75% of the rental value of land.
The California Tax Reform Initiative is consistent with section 2a of the DFC’s platform which states, in part, “the least harmful tax is a tax on land location value or on extraction of natural resources, because those are not products of labor, but are fixed resources”.
For more information on The California Tax Reform Initiative, go to http://www.prospercalifornia.com/