Proposition 38 Tax Increase for Schools This will create a sliding scale persoanl income tax increase for everyone above the poverty level.
Increases taxes on earnings using sliding scale, for twelve years. Revenues go to K–12 schools and early childhood programs, and for four years to repaying state debt. Fiscal Impact: Increased state tax revenues for 12 years—roughly $10 billion annually in initial years, tending to grow over time. Funds used for schools, child care, and preschool, as well as providing savings on state debt payments.
- The big difference between this Proposition and Proposition 30 is that the state will not be able to move money around. funding go's straight to the schools.
- The big concern is how the money will be distributed. There currently is not a system in place that traffics money directly to the schools.
- What if both 30 & 38 tax increase propositions passes? Will we have to pay a lot more in taxes? – No, if both propositions passes then the proposition with the most amount of votes will take effect and the other will become void.
Californias current revenues are 93.5 billion If this Proposition passes it will add 10 billion to annual revenues Tax rates will increase on a sliding scale. You can review the scale HERE
- Do you want to pay more personal income taxes across the board for education?
State personal income tax rates would increase for 12 years. The additional revenues would be used for schools, child care, preschool, and state debt payments.
State personal income tax rates would remain at their current levels. No additional funding would be available for schools, child care, preschool, and state debt payments.