yes on prop 30

Yes on proposition 30

·         It is only a temporary tax that will affect all of California to benefit schools and education that will only raise the sales tax by a quarter of a cent for every dollar for four years.

·         It will however raise income taxes on people that make over $250,000 a year. Currently those that are already making over $250,000 a year, have a 9.3 marginal tax rate. If prop 30 passes it will only increase their tax by 1%. See chart

                

Legislative Analyst Office

·         These new tax rates would affect about 1 percent of California PIT filers.

·         Increased state tax revenues through 2018-19, averaging about $6 billion annually over the next few years. Revenues available for funding state budget. In 2012-13, planned spending reductions, primarily to education programs, would not occur.

·         A YES vote on this measure means: The state would increase personal income taxes on high-income taxpayers for seven years and sales taxes for four years. The new tax revenues would be available to fund programs in the state budget.

·         A NO vote on this measure means: The state would not increase personal income taxes or sales taxes. State spending reductions approximately $6 billion, primarily to education programs, would take effect in 2012-13.