Imposes One-Time Tax On Certain Individuals And Trusts. Initiative Constitutional Amendment And Statute.
Plain-English Summary
This measure imposes a one-time tax of up to 5% on taxpayers and trusts with covered assets valued over $1 billion. Covered assets include businesses, securities, art, collectibles, and intellectual property, but exclude real property and some pensions and retirement accounts. Revenues are allocated 90% to health care and 10% to food assistance or education-related programs, and cannot replace existing funding.
What each outcome does
If this measure passes, a one-time tax of up to 5% will be imposed on individuals and trusts with over $1 billion in covered assets. The revenues will be directed to health care, food assistance, or education programs.
If this measure fails, the one-time tax on individuals and trusts with over $1 billion in covered assets will not be implemented. The state will not receive the associated temporary increase in revenues for health care, food assistance, or education programs.
Who is funding each side
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