Proposition 30:
To raise funds for public education and public safety,
Proposition 30 would increase income tax on top income earners for seven years
by 1% on single filers making $250,000 or more; 2% on single filers making
$300,000 or more and 3% on single filers making $1,000,000 or more. Additionally, it would increase the sales tax
by ¼ % for the next five years.
Proposition 30 would cost a person making $50,000 a year an extra $62.50
while a person making $100,000 a year would chip in only an extra $125 (based
on average sales tax figures; neither would pay any Prop 30 income tax at that
rate.) The return on this investment
would be three to four times in benefits in school and public safety
services. If Prop 30 fails, the state will initiate trigger cuts of more than $5 billion in education funding.
This initiative measure is directed at school funding as well. However, if Prop 30 fails and Prop 38 passes, there still will be trigger cuts of $5 billion in education as outlined in Prop 30. Here is the tax system set up under prop 38.
| If the taxable income is: | The additional tax on taxable income is: | ||
|---|---|---|---|
| Not over $14,642 | 0% | ||
| Over $14,642 but not over $34,692 | 0.4% of the excess over $14,642 | ||
| Over $34,692 but not over $44,721 | $80 plus 0.7% of the excess over $34,692 | ||
| Over $44,721 but not over $55,348 | $150 plus 1.1% of the excess over $44,721 | ||
| Over $55,348 but not over $65,376 | $267 plus 1.4% of the excess over $55,348 | ||
| Over $65,376 but not over $136,118 | $408 plus 1.6% of the excess over $65,376 | ||
| Over $136,118 but not over $340,294 | $1,540 plus 1.8% of the excess over $136,118 | ||
| Over $340,294 but not over $680,589 | $5,215 plus 1.9% of the excess over $340,294 | ||
| Over $680,589 but not over $1,361,178 | $11,680 plus 2.0% of the excess over $680,589 | ||
| Over $1,361,178 but not over $3,402,944 | $25,292 plus 2.1% of the excess over $1,361,178 | ||
| Over $3,402,944 | $68,169 plus 2.2% of the excess over $3,402,944 |
Personally, I believe those who make more should pay more. Therefore, I believe Prop 30 is a better choice. By taxing the upper class, we would be able to begin regaining the funding we lost for schools. However, both propositions are good plans for regaining funding. Both are directed to taxing the upper classes, where the taxes should be directed to get the full effect of the "trickle down effect."
ReplyDeleteIf I were able to vote on this topic, I would actually vote for both. That would make sure that one or the other would pass. If neither pass, the educational system will be crippled again. If I were only able to vote for one, it would be on Prop 30, even though 38 estimates a higher gain.
hmm - well for starters i believe that 30 should pass because in the long run making any more cuts to education is going to hurt us. we live in a fast paced world where its always about the next big thing. well if less and less people are educated then advancements will slow down. in everything from government to manufacturing to technology. if less and less people are educated and informed less and less people will make qualified informed decisions in government or even just voting. so yes i think the rich could spare just a little bit to fund for education. if you think about the business owners (wealthy) would be supporting their potential work force.
ReplyDeleteBut- in the contrary i think it should be a little more evenly spread out, this is a tax on pretty much the small group of wealthy in CA. i think they should broaden in it too anybody making say 175,000+ or something. just spread it out. Education can not handle any more budget cuts something must be done.
I think that the richer should be able to pay more taxes. Therefore i support prop 30 the schools are in great need of the money if we should be investing in anything it should be Americas future. I like proposition thirty be cause it is a little less aggressive. Although we still will be short five billion dollars. The only problem i see in prop 38 is that taxes everyone even the people that cant afford to sustain there families and prop 30 doesn't. I would vote yes on prop 30.
ReplyDeleteEzri Loy