Molly Munger's California Tax Hike

Molly Munger, daughter of Warren Buffett's Berkshire Hathaway partner Charlie Munger, is pushing a California ballot initiative that would raise the state's income taxes. Coverage by Joe Mathews is here, by the Economist is here, by the Sacramento Bee is here, and by the Pasadena Star-News is here. Ballotpedia.org reports that the initiative "Increases personal income tax rates for annual earnings over $7,316 with a sliding scale that increases the tax rate from .4% for lowest individual earners to 2.2% for individuals earning over $2.5 million." All told it would be a state tax increase of more than $120 billion over 12 years. The state income tax rate in California is already 9.3% for income above about $50,000 a year, 10.3% for income above $1 million a year.