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    Ballot Intiative PICO Summary

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    R Stern
    This initiative proposes tax increases to raise $7-9 billion annually for seven years to replenish the state's general fund and restore cuts to schools, healthcare, and other programs. Nearly 90% would come from increasing income taxes on individuals making over $250,000 and about 10% from a 1/4 cent increase in sales tax for four years. The funds are needed to avoid further cuts to K-12 schools, community colleges, universities, and vital state services.

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    Ballot Intiative PICO Summary

    Uploaded by

    R Stern
    252 views1 page
    This initiative proposes tax increases to raise $7-9 billion annually for seven years to replenish the state's general fund and restore cuts to schools, healthcare, and other programs. Nearly 90% would come from increasing income taxes on individuals making over $250,000 and about 10% from a 1/4 cent increase in sales tax for four years. The funds are needed to avoid further cuts to K-12 schools, community colleges, universities, and vital state services.

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    This initiative proposes tax increases to raise $7-9 billion annually for seven years to replenish the state's general fund and restore cuts to schools, healthcare, and other programs. Nearly 90% would come from increasing income taxes on individuals making over $250,000 and about 10% from a 1/4 cent increase in sales tax for four years. The funds are needed to avoid further cuts to K-12 schools, community colleges, universities, and vital state services.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    252 views1 page

    Ballot Intiative PICO Summary

    Uploaded by

    R Stern
    This initiative proposes tax increases to raise $7-9 billion annually for seven years to replenish the state's general fund and restore cuts to schools, healthcare, and other programs. Nearly 90% would come from increasing income taxes on individuals making over $250,000 and about 10% from a 1/4 cent increase in sales tax for four years. The funds are needed to avoid further cuts to K-12 schools, community colleges, universities, and vital state services.

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    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
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    2510 J Street, #210 Sacramento, CA 95816 916 447 7959 www.PICOcalifornia.

    org Unlocking the Power of People

    The Schools and Local Public Safety Protection Act of 2012 (Compromise InitiativeLook for the Petitions with the Blue Box) Summary: This initiative is the result of a compromise between the Governor and the backers of the Millionaires Tax. The compromise initiative improves upon the Governors proposal, with important modifications made to the source and length of the tax increases. What Does the Initiative Do? Raises between $7 and $9 billion a year in new revenue. Replenishes the states general fund, creating the opportunity to restore cuts in K-12 schools, higher education, healthcare, childcare, and critical programs and services. Guarantees that counties will receive funding to support public safety realignment. How is the Money Raised? Nearly 90 Percent of the revenue is raised through increases in the income tax brackets for individuals making more than $250,000 the top 1% of all income earners in the state. This tax increase is for seven years. About 10 Percent of the revenue is raised through a cents increase in the sales tax. This tax increase is for four years. Why Does it Matter? Nearly 75 cents of every dollar the state spends goes to local schools, cities, and counties. Our cities, schools, and vital programs and services are being starved of resources. Without new revenue, education (K-12 and higher education) funding will be slashed. Proposed cuts if the measure fails include: o $4.8 billion from K-12 schools and community colleges thats equal to shortening school by three weeks! o $200.0 million from the University of California -- triggering more tuition increases. o $200.0 million from the California State University, which has frozen admissions for Spring semester 2013 due to budget cuts! We need to close the deficit that has a stranglehold on the budget process and begin reinvesting in schools, communities, and vital programs and services.

    Its time to reinvest by asking those who have more, to contribute more for schools, for communities, for opportunities for all.

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