The question around the state budget and requests for added revenue is always "where is the money going to come from?" I think it's only fair to pass along that there is an amendment that answers some of that: 1357.
Amendment 1357 is for a long-term increase of the capital gains tax. If you read the amendment, you'll find there are exemptions for those who are low income.
Need more? Here's Robert Reich on why we'd do this (at the federal level, but the principles are the same):