Tax Extension to Fund Education and Healthcare.
"California Children's Education snd Health Care Protection Act of 2016"
initiative constitutional amendment
*PASSED*
Official Summary
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.
- Official CA Voter Guide Summary
- Legislative Analyst Office Analysis
- Show Me The Money (as of Oct 22)
- support: $56,750,000
- oppose: $3,000
- Ballotpedia Summary
Notes
- extends Prop 30 tax increase on taxable income for singles over $263k, joint over $526k, HOH over $340k:
- extra 1% for $263k-$316k(s), $526k-$632k(j)
- extra 2% for $316k-$526k(s), $632k-$1,053k(j)
- extra 3% for over $526k(s), $1,053k(j)
- original hike enacted in 2012, set to expire 2018, this extends it through 2030
- affects approx 1.5% of taxpayers
- Allocates revenues: 89% K-12 schools, 11% California Community Colleges
- funding for health care up to $2 Billion, depending on whether general fund revenues exceed education spending plus cost of government programs in place on Jan 1, 2016. If so, 50% of the excess (up to $2 B) would go to Medi-Cal. The rest would go to budget reserves, debt payment and programs enacted since Jan 1, 2016.
- Prop 30 sales tax hike of .25% will expire at the end of 2016