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ppt on California Taxes and the Millionaire's Tax

ppt on California Taxes and the Millionaire's Tax

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  • 1. The Millionaires Tax toRestore Funding to Education and Essential Services
  • 2. Millionaires Tax Presentation January 12, 2012 THE PROBLEM California has an ongoing budget crisis. Causes: inadequate revenues, Prop 13’s 2/3 rule, Great Recession Results: Education spending 46th in nation, social services slashed, state general fund spending reduced by 15% over three years
  • 3. Millionaires Tax Presentation January 12, 2012 Growing economic inequality Richest 1%’s share of state income doubled, tax rates lowered, over past fifteen years.
  • 4. Millionaires Tax Presentation January 12, 2012 Growing economic inequality, 30 years Richest 1%’s share of state income nearly quadrupled, tax rates lowered, over past 30 years.
  • 5. Millionaires Tax Presentation January 12, 2012 A transformed economy  Richest 1% of population owns more than a third of the country’s wealth  Richest 1% averages 1.8 million dollars per year in income  Richest 1% in CA receives $9-14 billion/year due to 2010 federal tax cut extension
  • 6. Millionaires Tax Presentation January 12, 2012 The Millionaires Tax would:  Ask people who earn in excess of $1 million/year to pay their fair share: 3% after first million, 5% after second million  Raise $6.1 billion (60% to education, 25% to social services, 10% to public safety, 5% to roads and bridges)
  • 7. Millionaires Tax Presentation January 12, 2012 How much extra would this cost taxpayers?  People who make < than $1 million/year: ZERO  People who make $2 million: an additional $30,000  People who make $3 million: an additional $50,000 ($30K + $20K)
  • 8. Millionaires Tax Presentation January 12, 2012 Research Findings
  • 9. Millionaires Tax Presentation January 12, 2012 Research MethodologyTulchin Research conducted an extensive amount of public opinion research to assess the viabilityof the Millionaires’ Tax proposal to restore funding to education and other essential services. Here isthe methodology of the research we have cited in this presentation. All data in the presentation isfrom the most recent survey, unless noted otherwise. • From October 28 – November 3, 2011, Tulchin Research conducted a statewide telephone survey among 2,400 likely November 2012 voters in California, using live interviewers and calling both landlines and cell phones. The margin of error is +/- 2.0 percentage points. • From October 6 – October 13, 2011, Tulchin Research conducted a statewide telephone survey among 1,200 likely November 2012 voters in California, using live interviewers and calling both landlines and cell phones. The margin of error is +/- 2.8 percentage points. • From March 13 – March 16, 2011, Tulchin Research conducted a statewide telephone survey among 800 likely November 2012 voters in California, using live interviewers and calling both landlines and cell phones. The margin of error is +/- 3.5 percentage points. • Focus Groups: Tulchin Research conducted sixteen (16) focus groups among swing voters and base voters throughout the state, including in Concord, Los Angeles, Long Beach, Riverside, Roseville, and San Diego. Focus groups are a form of qualitative research and the results are impressionistic and not scientific or quantitative in nature.
  • 10. Millionaires Tax Presentation December 16, 2011 Voters Increasingly Believe the Rich Have Gotten Richer… Here are some pairs of statements. Please tell me which statement you agree with more: March 2011 October 2011The rich have gotten richer over the past several years whilemiddle class families have struggled +45 +57The wealthy have notdone any better thanmiddle class families in recent years Net Shift from March to November: +12
  • 11. Millionaires Tax Presentation December 16, 2011 …And That The Rich Do Not Pay Their Fair Share in Taxes. Here are some pairs of statements. Please tell me which statement you agree with more: March 2011 October 2011 The wealthy do NOT paytheir fair share in taxes +30 +37 The wealthy pay their fair share in taxes Net Shift from March to October: +7
  • 12. Millionaires Tax Presentation December 16, 2011 Voters Strongly Support the Millionaires Tax If the election were held today, would you vote yes in favor of this measure or no to oppose it? Total Yes 67% Yes-No Total No +43 24%
  • 13. Millionaires Tax Presentation December 16, 2011 Support Remains Strong Following an Engaged Campaign If the election were held today, would you vote yes in favor of this measure or no to oppose it? Total Yes 62% Yes-No Total No +29 33%
  • 14. Millionaires Tax Presentation January 12, 2012 Restoring California Coalition Alliance of Californians for Community Mobilize the Immigrant Vote Empowerment (ACCE) Oakland Rising Asian Pacific Environmental Network PICO California California Partnership Poder Popular Causa Justa/Just Cause Richmond Progressive Alliance CAUSE Strategic Concepts in Organizing and Policy Communities for a New California Education Community Coalition for Substance Abuse The Ella Baker Center for Human Rights Prevention and Treatment UAW Local 2865 Congregations Organized for Prophetic University of California Student Association Engagement Warehouse Workers United Dolores Huerta Foundation Working Partnerships USA Equality Alliance Inner City Struggle Knott’s Family and Parenting Institute
  • 15. The Millionaires Tax toRestore Funding to Education and Essential Services