Proposition 38 would increase the personal income tax rate for those earning over $7,316. Rates will slide depending on an individual earner's pay: 0.4 percent on the low end to 2.2 percent on the high end (over $2.5 million). Revenues will be split between K-12 schools (60%), repaying state debt (30%), and early childhood programs (10%) for four years, then for the next 8 years, it will only fund schools (85%) and programs (15%). After that, the tax ends.
Read our Prop 38 Cheat Sheet for more detailed information.
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