Millionaire's Tax Could Come to California
CREATED Oct. 24, 2011 - UPDATED: Oct. 24, 2011
Riding the Occupy Movement wave, California labor leaders want millionaires to pay more in taxes. They are gearing up to put a tax hike for the wealthy on the 2012 November ballot.
Billionaires like Warren Buffet and Facebook's Mark Zuckerberg support the wealthy paying more.
“I would definitely say that they should pay more money,” said Carol Muma of Palm Springs.
Right now millionaires are taxed just above nine percent. Labor leaders haven't decided how much they want that rate increased.
This isn't the first time millionaires have been tapped for extra funds in California. In 2004 voters approved a one percent millionaire’s tax hike to fund mental health programs.
"When is enough, enough. I like to call it feed the beast, it’s never not hungry,” said former Riverside Republican Chairman, Bob Richmond.
Supporters say the money this time around will help fund schools, parks and senior centers. Opponents argue the only place the money will go, is out of state.
“They are all going to go to Iowa,” said Katie Roth who is visiting California from Iowa.
California has more millionaires than any other state. If this plan gets the momentum the Occupy Movement has, voters could have a hand in shifting where their wealth goes.
--Jessica Flores KMIR6