The voting information below is from the Secretary of State website:
Extends by twelve years the temporary personal income tax increases enacted in 2012 on earnings over $250,000 (for single filers; over $500,000 for joint filers; over $340,000 for heads of household). Allocates these tax revenues 89% to K-12 schools and 11% to California Community Colleges. Allocates up to $2 billion per year in certain years for healthcare programs. Bars use of education revenues for administrative costs, but provides local school governing boards discretion to decide, in open meetings and subject to annual audit, how revenues are to be spent.
A Yes Vote Means
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 Means
A NO vote on this measure means: Income tax increases on high–income taxpayers would expire as scheduled at the end of 2018.
Pro Argument
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. Read more here.
Con Argument
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.
Read more about the con argument here.