A yes vote on Proposition 55 will keep a tax in place on the wealthy to provide funding for public schools. Yes votes for Proposition 55 are imperative this Nov. 8 election because the maintaining of our schools should be of the utmost importance.
Proposition 55 was initially passed in 2012 as a tax on those with incomes above $250,000. This has raised six billion dollars every year since. Proposition 55 extends this tax to 2030. If it does not pass then the tax on the wealthy will expire in 2019.
There is a duty for high earners to give back to their community. Keeping a tax in order to fund our schools is a benevolent way for money to be put to work for state institutions.
Some may ask why do the rich have to carry this burden? Why is the accumulation of wealth being penalized?
According to The Official Voter Information Guide states “if this measure passes, a single person with taxable income of $300,000 would pay an extra 1 percent on their income” working out to “a tax increase of $370 for this person.”
$370 is a minimal expense for those in this tax bracket per year.
Although 89 percent of the money raised on this tax will fund K-12 institutions and only 11 percent to state community colleges, students should not underestimate the significance of Proposition 55.
Properly funding K-12 institutions will help young students develop a love for learning early by providing new classrooms, technology and allowing schools to employ effective, motivated teachers.
Students who grow up with an early appreciation for learning are far more likely to go to college and eventually contributing to society.
The majority of representatives from California support the bill along with many different organizations. The opposition consists mostly of fundamentally opposed Republicans who do not want any new taxes whatsoever.
Interestingly enough, Ballotpedia.org’s reference page for Proposition 55 lists that the campaign in support of the proposition as of Sept. 15 has raised $46,141,978, and the opposition has raised $0.00.
In practice the one percent tax increase on the wealthiest Californians is not going to break the bank.
This Nov. 8 on Election Day, go out and vote yes on Proposition 55 and help fund schools for years to come and ensure that college students and younger students alike have the best learning experience possible.