Oil, tobacco companies raise $144 million to fight tax hikes

Oil and tobacco companies and their allies have raised nearly $144 million to defeat propositions 86 and 87, which would boost tobacco and oil taxes to pay for health and alternative energy programs.

Altogether, supporters and opponents have raised $305.3 million to try to pass or defeat the 13 state measures on California’s Nov. 7 ballot.

The totals are likely to set a new record for spending on ballot measures in a single California election, but the secretary of state’s office said it didn’t have an up-to-date count to determine the current record.

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