California Proposition 30, Wealth Tax for Electric Vehicle Subsidies, Defeated At the Polls

09 Nov 2022 | Abstracted from LA Times

"Under the measure, wealthy California residents would have been taxed 1.75% on reported income more than $2 million to fund the program. The marginal rate rises to 15.05% from 13.3%, the highest state income taxes in the country.

"Democrat Gov. Gavin Newsom bucked his own party to energetically oppose the measure...(calling it) a cynical scheme to grab a huge taxpayer-funded subsidy...“developed by a single company" : Lyft.

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