Pros And Cons Of Proposition 55

This voter guide covers Proposition 55, Extension of the Proposition 30 Income Tax Increase. Some pros are that it only will affect the top 1.5% of Californians and will not raise any current taxes. Some cons are that it will extend an increase that was meant to be temporary and that it is not necessary considering the projected 11.5 billion dollars in budget reserves at the end of the 2016-2017 fiscal year. My recommendation is to vote in opposition of this proposition because doing so will promote the growth of small businesses, jobs, and the economy. It would also be more beneficial to optimize our current budget instead of depending on taxing the rich.

Proposition 55 is the extension of a personal income tax increase that came with Proposition 30. Proposition 30 raised the sales tax from 7.25% to 7.5%, and raised the personal income taxes of people making more than 250,000 dollars a year by one to three percent. This tax increase was supposed to take place for seven years, 2012-2019. The money gained by the state through this tax increase was put towards K-12 school, community schools and public safety services. In total, about six billion dollars was taxed annually from 2012-2013 to 2016-2017. Fundings to schools did not need to be cut in 2012-2013 because of this proposition. Proposition 55 will extend the period of time this tax increase will be

Proposition 55 will also only have an effect on the wealthiest Californians, which is about 1.5% of all Californians. Another argument in favor is that the proposition will require transparency about where the money is going to so that there is no doubt it is being used to fund schooling. Some organizations that support Proposition 55 are the California School Boards Association, California Park and Recreation Society, California Teachers Association, and the California Library