By Torey Van Oot and Kevin Yamamura
A coalition backed by some of the biggest names in California politics and a billionaire financier is readying for the ballot a sweeping overhaul of the Golden State's tax system.
The proposed initiative is part of a series of recommendations for "remedying what ails California governance" drafted by Think Long Committee for California, an independent coalition focused on long-term fixes for Golden State governance.
The committee's 23-page report, set to be released Monday, is the product of more than a year of collaboration by some of California's most influential political minds. The bipartisan work group included former governors, legislative leaders, and U.S. secretaries of state, seasoned state finance directors and leaders in business and labor unions.
"This is one of those things where people really didn't have any interest, they were just trying to find a vision to fix California. Everyone was focused on the long term," said former Assembly Speaker Bob Hertzberg, a member of the committee. "As Washington is in gridlock, maybe California can lead the way again by showing that we know how to fix things."