SACRAMENTO : Bid to Hike Taxes on Rich OKd for Ballot

A “tax the rich” ballot initiative that would restore higher tax brackets for California’s wealthiest people was approved Thursday for the Nov. 5 ballot. About 169,000 Californians--1.2% of all taxpayers in the state--earn enough to be affected by the higher brackets. The measure is the 11th initiative to qualify for the ballot, according to the secretary of state’s office. It also would shift money back to cities, counties and special districts--including libraries--that lost funds to the state during the recession. The initiative is sponsored by Lenny Goldberg and Roy Ulrich of the California Tax Reform Assn., a group that backs closing tax loopholes that favor the wealthy.