California Voters Reject Millionaire Tax to Boost Electric Vehicle Use

[Epoch-Times-Bot]

California Voters Reject Millionaire Tax to Boost Electric Vehicle Use

California voters on election day rejected a millionaire tax to boost electric vehicles (EVs) and and state wildfire response programs.
Proposition 30 would have added a tax to promote the use of EVs by creating a Clean Cars and Clean Air Fund, which would be separate from the state’s general fund.
Residents with an annual income of above $2 million would be forced to pay an extra 1.75 percent tax on their earnings to support the programs, starting on January 2023, according to the state (pdf). The tax would have been imposed on fewer than 43,000 of California's 39 million residents.
California’s marginal tax rate would have risen from 13.3 to 15.05 percent, giving the state the highest income tax level in the country....

Source: California Voters Reject Millionaire Tax to Boost Electric Vehicle Use

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