(The information below was taken from the California Secretary of State’s website.)
Extends by twelve years the temporary personal income tax increases enacted in 2012 on earnings over $250,000, with revenues allocated to K–12 schools, California Community Colleges, and, in certain years, healthcare. Fiscal Impact: Increased state revenues—$4 billion to $9 billion annually from 2019–2030—depending on economy and stock market. Increased funding for schools, community colleges, health care for low–income people, budget reserves, and debt payments.
WHAT YOUR VOTE MEANS
A YES vote on this measure means: Income tax increases on high–income taxpayers, which are scheduled to end after 2018, would instead be extended through 2030.
A NO vote on this measure means: Income tax increases on high–income taxpayers would expire as scheduled at the end of 2018.
PRO: Prop. 55 helps children thrive! Prop. 55 prevents $4 billion in cuts to California’s public schools, and increases children’s access to healthcare, by maintaining current tax rates on the wealthiest Californians—with strict accountability requirements. We can’t go back to the deep cuts we faced during the last recession. www.YesOn55.com
CON: VOTE NO ON 55—TEMPORARY SHOULD MEAN TEMPORARY. Voters supported higher taxes in 2012 because Governor Brown said they would be TEMPORARY. State budget estimates show higher taxes are not needed to balance the budget, but the special interests want to extend them to grow government bigger. TELL THEM NO.
FOR ADDITIONAL INFORMATION
Yes on 55—Californians for Budget Stability
1510 J Street, Suite 210
Sacramento, CA 95814
Howard Jarvis Taxpayers Association