It would raise the state sales tax by .05 percent for four to five years and temporarily increase income tax on couples making more than $500,000 annually.
"His budget that he's going to propose to the legislature next month is going to include a lot of cuts and even more cuts if these revenues aren't passed by the voters," said Brown's political advisor, Steven Glazer.
The initiative has California residents split on the issue.
"I would vote against any new taxes. I think they should spend the money more intelligently," said Michael Fred Allen of San Jacinto.
"It shouldn't have come where it's at right now, the situation that we're in, but yes I would" vote for a tax increase, said Garo Jabagchouri of Granada Hills.
State Republican party Chairman Tom Del Beccaro says tax increases are not the answer.
"No one can logically say taking $10 billion out of the private economy is going to help California rebound, it's only going to extend this cycle," Beccaro said.