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Pacific PolicyCast - No Clean Sweep Ten Reasons Why Proposition 89’s “Clean Money and
By: Joshua S. Treviño
10.2.2006
PRI's Josh Trevino interviews K. Lloyd Billingsley (Editorial Director) and Lawrence J. McQuillan (Director of Business and Economic Studies) regarding California Proposition 89, "The Welfare for Politicians Act." “California Clean Money and Fair Elections Act of 2006,” slated for the November 7, 2006 ballot, provides for public funding of political campaigns. Though participation is not mandatory, the measure limits the contribution amounts for privately funded candidates.
Prop. 89 also imposes new contribution limits on ballot measures. The public funding is paid for by raising corporate taxes from 8.84 percent to 9.04 percent — a hike of 0.2 percent. The measure also raises the double-digit tax rate on financial institutions from 10.84 to 11.04, a similar 0.2 percent increase.
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