Ethan Explains California Proposition 55

Ethan Explains California Proposition 55

This is number 5 of 17 of the California statewide ballot initiatives that I’ll cover, Proposition 55. Proposition 55 is “The California Extension of the Proposition 30 Income Tax Increase Initiative.”

Remember the Proposition 30 “temporary” tax increase for K-14 to save the children during the Great Recession? Proposition 55 is the nearly permanent extension of the .25% sales tax and large income tax increase for brackets of $250,000 and above.

Wait, what happened to temporary? Because of the Great Recession?

If you listen to the majority politicians in Sacramento, the economy in California is doing great! So, which is it: is it doing great or not? If it is then the temporary tax is ready for a sunset.

Further, the highly progressive income tax leaves this funding to the gyrations of the stock market, which is what caused the problem in the first place.

Lastly, even proponent of Prop 30 argued with me that Prop 30 had to pass so then they could go back and fix the structural problems with education in California. Which never happened.

I say NO to Proposition 55.

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