Proposition 55 is a ballot initiative that was passed by California voters in November 2016. Prop 55 extends the temporary personal income tax increases that were enacted through Proposition 30 in 2012. The income tax increases apply to individuals who earn more than $250,000 per year and couples who earn more than $500,000 per year.
The revenue generated from the tax increases is used to fund education and healthcare in California. Prop 55 extends the tax increases for an additional twelve years, from 2019 through 2030.
Prop 55 was supported by education and health care organizations, as well as labor unions, who argued that the revenue generated by the tax increases is necessary to maintain funding for schools and public health programs.
Critics of Prop 55 argue that the tax increases disproportionately affect high-income earners and could discourage businesses and entrepreneurs from investing in California. However, supporters of the initiative argue that the tax increases are necessary to provide essential services to Californians and that the wealthiest taxpayers can afford to pay a little extra to support education and healthcare in the state.
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