SACRAMENTO (CBS13) – Proposition 55 would keep an existing income tax hike, approved by voters in 2012, on the books. It would continue the increase on taxes for any Californian earning $250,000 or more per year.
The extra tax would be in place for the next 12 years.
Ryan Miller from the non-partisan Legislative Analyst’s Office tells CBS13 Prop 55 “would only affect about the top one and half percent of taxpayers. But of course the school funding and health care funding would affect far more voters.”
Prop 55 also directs the extra funds into certain categories including California schools and community colleges, health care programs for low-income residents and it increases the budget reserves and debt payments on the state level.
Who’s pushing this proposition?
Among the groups: the California Medical association, the California Labor Federation, and more than forty local school districts and community colleges.
Those opposed to Prop 55 say extending this tax hike that was supposed to be temporary amounts to a broken promise by politicians.