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Prop. 30 fact check: Will higher taxes push businesses to leave California?

Consumer Confidence Index Hits Lowest Level Since Record Began In 1967

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A parking lot is seen empty at an out-of-business store January 27, 2009 in Vallejo, California. Fact check No. 1: Higher taxes aren't necessarily a business killer -- divorce may be a bigger factor.

With less than a week to the Nov. 6 election, there's a lot of information - and misinformation - out there about Prop. 30. The measure, supported by Gov. Jerry Brown, would raise sales and income taxes in order to avert $6 billion in primarily education cuts.

Prop. 30 is written into the enacted 2012-13 California budget, which presumes that the measure will be approved by a majority of voters Tuesday. Over the next several posts, we'll try to break down the proposition and examine the big questions that have been raised in political ads over the last weeks.

What Prop. 30 does: Increases personal income tax for seven years on people making more than $250,000. It would be implemented retroactively, starting Jan. 1, 2012. People making between $250,000 and $300,000 would pay 1% more (up to $3,000). People making between $300,000 and $500,000 would pay 2% more and people making more than $500,000 would pay 3% more in taxes.

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