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Brown Knocks Whitman's Plan To Cut The Capital Gains Tax

Laura Cueva, Susan Shimotsu |
October 14, 2010 | 4:38 p.m. PDT

Staff Reporters

Jerry Brown in L.A. (Paresh Dave)
Jerry Brown in L.A. (Paresh Dave)
Jerry Brown continued to knock Meg Whitman's plan to cut the capital gains tax Thursday at a news conference at Dorris Place Elementary School in Elysian Park.

Brown said Whitman stands to save $14.9 million dollars if the tax is eliminated and called on her to admit the amount that she would in fact be saving.

"We don't know exactly how much Whitman will make," Brown said. "I'm asking you, Ms. Whitman, to clarify for us now: How much will you make if you eliminate the capital gains tax?"

Brown estimated Whitman would make nearly $15 million based on the over $140 million she has spent so far funding her own campaign for governor.

Brown added that, besides her plan to eliminate the capital gains tax, Whitman's plan to cut $5 billion from the state's general fund will devastate public schools.

"Forty percent of the general fund goes to schools," Brown said. "This year, the capital gains would bring in over $5 billion. Where's she going to get money? The schools have already suffered a $3 billion cut this year."

"It sounds like voodoo economics to me," Brown said.

Brown also questioned Whitman's job creation platform, saying the tax cut may not create jobs in the state at all.

"She says it'll be invested in creating jobs, but we don't know that," Brown said. "And if you take money from schools, you better have a good explanation. She doesn't."

Brown also touched on capital punishment, the pension system and being tough on crime.

But he ended with a laugh when asked about former President Bill Clinton's endorsement and the controversial Whitman campaign ad in which he calls Brown a liar.

"I got in some very good punches [during that debate], and so did he. But we've reconciled," Brown said. "Now we're joined at the hip."

Video by Susan Shimotsu.

To reach reporter Laura Cueva, click here or follow her @leccueva.

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