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Proposition 103 gives voters across the state the opportunity to stop a fourth year of short-sighted and irresponsible cuts to our schools, colleges, and universities.
SUMMARY: Proposition 103
Proposition 103 would restore state income, corporate and sales taxes to their 1999 levels for the benefit of education:
- Corporate income tax and personal income tax rates would increase from 4.63% to 5%.
- The state sales tax rate would increase from 2.9% to 3%.
- The initiative would raise an anticipated $532 million per year.
- The new funds must go toward preventing further cuts to education — preschool through higher education – and, depending on the economy and recovery, could begin restoring funding for some of the devastating cuts of the past three years.
- The new rates would be in effect temporarily for five years, beginning in January 2012.
Context:
- Without ballot action, it is anticipated that P-12 will face a fourth year of deep cuts in the 2012-13 school year and higher education will continue to experience significantly diminished state funding, resulting in higher tuition, reduced financial aid, and possibly even closures of colleges and departments.
- While this initiative will not reverse the cuts schools and colleges have endured over the past four years, it will help to prevent or minimize future cuts.
- This initiative provides the ONLY opportunity available to stop deep cuts in the 2012-13 school year.
- The proposal simply restores tax rates to 1999 levels.
- The proposal’s five-year limit is intended to ensure that the initiative cannot be viewed as a permanent solution to public education funding. This initiative is like a tourniquet that will prevent more irreparable cuts while providing a few years to build consensus on long-term fiscal reform.
Vote YES on Proposition 103! Volunteer to help pass Prop 103 before election day on November 1: www.greatedaction.org/prop103action