California Proposition 55, Extension of the Proposition 30 Income Tax Increase

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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.

Read the full text if of California Proposition 55 here.

Source: Ballotpedia

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