LOS ANGELES — A 16-member California committee led by three billionaires and high-profile former politicians plans to put on the November 2012 ballot two initiatives proposing tax reform that would result in $10 billion of additional annual tax revenue.

The billionaires on the Think Long Committee — Nicolas Berggruen, Google chairman Eric Schmidt, and Los Angeles philanthropist Eli Broad — are joined by former secretaries of state George Shultz and Condoleezza Rice, former California governor Gray Davis and Los Angeles labor activist Maria Elena Durazo.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.