Prop 30 Saves California Schools Worst-Case Disaster - Joshua H. Silavent, LB Business Journal

Had voters not given the green light for Proposition 30 at the ballot box November 6, Long Beach K-12 schools and higher education institutions would have been hit with more than $72 million in additional budget cuts. Teacher layoffs, loss of school sports programs, increased class sizes, elimination of university courses and other program reductions would have ensued. To cover these funding shortfalls, Gov. Jerry Brown spearheaded Proposition 30, which raises taxes on personal income over $250,000 for seven years and increases sales taxes for a four-year period. The Golden State’s current maximum personal income tax rate is 9.3 percent. Proposition 30 would raise that to between 10.3 and 12.3 percent for top earners and is applied retroactively to income earned since January 1, 2012. The sales tax would increase to a minimum 7.5 percent. http://lbbusinessjournal.com/long-beach-business-journal-newswatch/173-12-11-20/1082-prop-30-saves-schools-from-worst-case-scenarios.html