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CSBA CHART: November 2012 Funding Initiatives

CSBA CHART: November 2012 Funding Initiatives

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Published by smf 4LAKids
CSBA CHART: November 2012 Funding Initiatives
CSBA CHART: November 2012 Funding Initiatives

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Published by: smf 4LAKids on May 25, 2012
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05/25/2012

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1
3100 Beacon Blvd.
West Sacramento, CA 95691
(800) 266-3382
California School Boards Association
November 2012 Funding Initiatives
TitleSchools and Local PublicSafety Protection ActOur Children Our Future:Local Schools and EarlyEducation Investment Act
CSBA Position
SUPPORT SUPPORT
Sponsors/Supporters
Gov. Jerry Brown, ACSA, CTA,CFT, other labor groups, cities andcountiesMolly Munger, CA State PTA, CAAdvancement Project
Valid Signature Requirement
807,615 504,760
Tax Provisions
 
Temporary increase in sales anduse tax and personal income tax.Increase in sales and use taxwould be an additional ¼ centand would begin January 1,2013, and sunset January 1,2017.
 
Increase in personal income taxwould begin January 1, 2012,and sunset January 1, 2019. Forsingle filers, top bracket of 9.3%would increase to 10.3% onincomes between $250,000 and$300,000, 11.3% on incomesbetween $300,000 and $500,000,and 12.3% on incomes above$500,000. For joint filers, rateswould increase to 10.3% onincomes between $340,000 and$408,000, 11.3% on incomesbetween $408,000 and $680,000,and 12.3% on incomes above$680,000.
 
Temporary increase in personalincome tax rates, beginningJanuary 1, 2013, and endingJanuary 1, 2025.
 
Rates would vary, but wouldincrease from a low of 0.4% forsingle taxpayers earning $7,316,and joint filers earning $14,642to a high of 2.2% for singletaxpayers earning $2.5 million, joint filers earning $3.4 million.
Estimated Total Revenues
Raises $6.8-9.0 billion in 2012-13,and $5.4-7.6 billion annuallythrough 2015-16, then drops off by$1.5 billion after 2015-16 due tosales tax sunset.Raises an estimated $5 billion in2012-13 and an estimated $10billion annually beginning in 2013-14.
Revenue Allocation
Revenues deposited into specialaccount within state general fund.Proposition 98 would dictate thatapproximately 40% be allocated toK-14 schools.Revenues kept out of the stategeneral fund and allocated directlyto recipients. During first four fullyears, approximately $3 billionwould be allocated to state generalfund debt payments, $5.95 billion toK-12 schools, and $1.05 billion toearly childhood education. In years,five through 12, allocation would be85% to K-12 and 15% to earlychildhood education, or $8.5 billionand $1.5 billion respectively.

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