“We’re not out of the woods,” said Lt. Gov. Gavin Newsom, a Democrat. “There’s a lot of desire, pent-up desire, to invest more in research and development and issues of education and the like, and so we’re going to have to hold the line.”There's more:
Newsom was speaking at the Milken California Summit in Beverly Hills, where the issue of the state’s economy and notoriously poor business climate were front and center. Proposition 30 will raise the top state income tax rate to 13.3 percent for millionaires. “That’s not a great way to encourage folks to come here and stay here,” he said.