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  1. Wealth
October 26, 2012

FT: California governor says 1 Per Cent have ‘moral’ obligation to pay more tax

By Spear's

Jerry Brown, California’s governor, has warned that the wealthiest US state will have to close schools for up to an extra three weeks if voters do not back temporary tax increases on the rich

Jerry Brown, California’s governor, has warned that the wealthiest US state will have to close schools for up to an extra three weeks if voters do not back temporary tax increases on the rich.

A ballot in next month’s US election will ask Californians to support a tax rise of 3 per cent on the wealthiest 1 per cent in the state.
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Recent polls have shown a drop in support for Mr Brown’s plan, which would trigger billions of dollars in cuts to education if it fails. The warning about school closures foreshadows concerns about the “fiscal cliff” facing the US, with $600bn in federal tax increases and spending cuts due to take effect on January 1.

Mr Brown, a Democrat who governed the most populous US state in the 1970s before returning to office in 2010, said the “richest 1 per cent” of California had a “moral” obligation to pay more in taxes.

Read the full story at ft.com

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