Calif. Debates Taxing The Wealthy To Save Schools
SACRAMENTO (AP) — Taxing the rich more to benefit others isn’t a new idea, but it has emerged in recent weeks as a potential solution as California tries to salvage its public education system from deep budget cuts.
The Public Policy Institute of California released a poll in April showing that 62 percent of California adults want to save schools by slapping higher taxes on the top earners.
Democratic Assemblywoman Nancy Skinner of Berkeley has a bill that would tack another 1 percent onto the tax rate of any taxable income over $500,000, applying to single and joint tax filers. Skinner estimates it would bring the general fund an extra $2.3 billion each year.
Public schools have been threatened with billions of dollars in cuts in the coming year.
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