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.
Chart depicts total fundraising by all committees primarily formed for and against Prop 55.Totals are updated daily with contributions from Power Search and adjustments from the most recent Political Reform Division analysis.
Showing the 10 largest contributions to committees formed primarily for and against Prop 55 in the election cycle when it appeared on the ballot. Contributions in earlier election cycles and contributions between allied committees are excluded. For more information on funding for ballot measure campaigns, visit the Power Search campaign finance search engine.
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.
For background on Proposition 55, an analysis by the legislative analyst, endorsements for and against the measure, and more...
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
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.