Proposition 55: Tax Extension to Fund Education and Healthcare. Initiative Constitutional Amendment.
Proposition 55 Ballot Summary:
Extends by twelve years the temporary personal income tax increases enacted in 2012 on earnings over $250,000 (for single filers; over $500,000 for joint filers; over $340,000 for heads of household).
- Allocates these tax revenues 89% to K-12 schools and 11% to California Community Colleges.
- Allocates up to $2 billion per year in certain years for healthcare programs.
- Bars use of education revenues for administrative costs, but provides local school boards discretion to decide, in open meetings and subject to annual audit, how revenues are to be spent.
A “Yes vote means:
A “yes” vote supports extending the personal income tax increases on incomes over $250,000 approved in 2012 for 12 years in order to fund education and healthcare.
A “No” vote means:
A “no” vote opposes extending the personal income tax increases on incomes over $250,000 approved in 2012 for 12 years, allowing the tax increase to expire in 2019.