Wednesday, November 7, 2012 – 10:00 a.m.

California residents are on their way to becoming the highest-taxed in the nation.

Proposition 30, a income and sales tax increase proposed by Governor Jerry Brown, was approved by voters Tuesday night.

The measure is estimated to generate some $6 billion in revenue to the state’s general fund and will eliminate threatened cuts to public schools.

Even with new revenue from Prop. 30, California will still operate with a structural deficit.