(January 17, 2004) -- LB area Assemblywoman Jenny Oropeza (D., LB-Carson) is one of 25 CA Assemblymembers -- all Democrats -- backing a bill that would raise the income tax rate to 10% on individuals earning over $136,000 a year after deductions, and to 11% on individuals earning more than $272,000 a year after deductions. CA's highest income tax rate now is 9.3%.
AB 1815, introduced on Jan. 15 by Assemblywoman Wilma Chan (D., Oakland), would affect about 2% of Californians and generate about $3 billion, Chan's web site says.
Assemblywoman Chan's lists among the bill's co-authors Assemblywoman Oropeza as well as area Assemblymembers Jackie Goldberg (D., Hollywood), Paul Koretz (D, West Hollywood), Mervyn Dymally (D., L.A.), Marco Firebaugh (D., L.A.) and Mark Ridley-Thomas (D., L.A.).
In a written release, Assemblywoman Chan says the bill would "generate more than $3 Billion a year by boosting tax rates slightly on top earners. The legislators include both moderate and progressive members and representatives of urban, suburban and rural areas stretching from one end of the state to the other. A similar approach to solve the budget deficit was taken by Governor Pete Wilson and the Legislature in the early 1990s, and by Governor Ronald Reagan."
"With a budget deficit as big as the one facing California, we all have to share in the solution," said Assemblywoman Chan in the release, adding "It is only reasonable that the wealthiest Californians contribute a fair share."
For further coverage, see Reuters: CA Lawmakers Back Tax Hike On Highest Earning Californians, Defy Schwarzenegger.