Bill would raise taxes for wealthiest Californians

May 16, 2011 5:32:51 PM PDT
California's wealthiest taxpayers would see their state income tax rates go up if an East Bay assemblywoman gets her way.

Berkeley Democrat Nancy Skinner introduced AB1130 Monday. The bill would raise tax rates by 1 percent for those making more than $500,000 a year, about 1 percent of Californians. Skinner says the tax hike would raise more than $2.3 billion.

Skinner points out that Republicans Ronald Reagan and Pete Wilson both raised taxes on the state's top earners when they were governor.

Current GOP lawmakers have vowed not to raise any taxes, but Skinner believes some wealthy Californians would support it.