LOS ANGELES (CBSLA.com) — Voters said “no” to Proposition 38 Tuesday night, which would have increased taxes to fund education.

The measure, spearheaded by attorney Molly Munger, was rejected by a margin of 74 percent to 26 percent, with 25 percent of the state’s precincts reporting.

READ MORE: Pack Of Unleashed Cane Corso Mastiff Dogs Attack Residents In Tarzana Neighborhood

The proposition would have increased income taxes for 12 years for people making more than $7,316 a year using a sliding scale from 0.4 percent for the lowest earners to 2.2 percent for taxpayers making more than $2.5 million.

Revenue from Prop 38 would have funded K-12 and repaid state debt, among other things.

READ MORE: Remains Of Marine Lance Cpl. Dylan R. Merola Carried In Procession From Ontario International Airport To Forest Lawn In Covina

The proposition would have also raised about $10 billion/year in additional state revenue.

Meantime, Proposition 30, Gov. Jerry Brown’s tax hike initiative, trailed 51 percent to 49 percent late Tuesday.

The measure aimed to increase sales tax for Californians by a quarter-cent for four years, and the income tax would rise for individuals who earn more than $250,000.

MORE NEWS: ‘Sex And The City’ & 'White Collar' Actor Willie Garson Dies At 57

Some of the revenue from the tax measure would then go to schools under Proposition 98.