With the passage of the first voter- backed statewide tax increase in eight years, Californians sent a clear signal they are tired of failing schools, gridlocked roads and the deterioration over the past decade of the state’s reputation as a standard bearer.
California voters approved Governor Jerry Brown’s sales- and income-tax increases, handing the Democrat his biggest victory since he was elected two years ago and averting $5.5 billion of cuts to public schools.
As many as 150 of the almost 1,000 school districts in California may face credit downgrades if voters reject two tax measures on the Nov. 6 ballot, Moody’s Investors Service said in a report yesterday.
Siblings Molly Munger and Charles Munger Jr., whose father is vice chairman of Berkshire Hathaway Inc., have poured $54.4 million into California ballot measures, stoking a battle with Governor Jerry Brown and powerful labor unions.
California Governor Jerry Brown, who wants to close a $9.2 billion deficit with higher taxes, agreed to join forces with the state’s second-largest teachers’ union, which backed a competing measure to put more of the burden on top earners.