Proposition 39 was put on the ballot by San Francisco hedge fund manager Tom Steyer. He's bankrolled the campaign with $22 million. It would repeal a law passed in a late-night session of the state legislature that lets multi-state companies choose how they'll be taxed in California. Getting rid of that law would raise about one billion dollars in new revenue. Evan Halper is Bureau Chief in Sacramento for the LA Times.
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