This proposition would extend for another 12 years (2018-2030) part of the tax increase voters approved in 2012. It would impact those earning over $250,000 for individuals, $500,000 for joint filers. This would raise, based on stock market fluctuations, between $4-9 billion annually. The sales tax raised in 2012 will expire in 2018 and not be renewed by this measure. Half the revenue will go to schools with 89% to K-12, 11% to community colleges, to be spend entirely on education not administration and allocated locally by school boards subject to audit. Health spending for low-income people will be $0 to $2 billion annually with the Governor’s office determining Medi-Cal resources vs spending necessities. Between $0 and $1.5 billion will be directed to the reserve and debt payments based on Proposition 2 mandates from 2014. This proposition will do a great deal to prevent the fiscal meltdown of the pre-Proposition 30 that resulted in teacher staff reductions, overcrowded classrooms and longer college waits for completion, and cutbacks in health care services. It is a responsible progressive tax to keep the state both functioning and solvent.
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