CFT members throughout the state have been out in force collecting signatures to qualify a critical tax initiative for the November ballot. The new initiative would make permanent Prop. 55, otherwise known as the Millionaire’s Tax, a measure first passed in 2012 and then renewed in 2016.
Prop. 55 constitutes about 15% of school funding in California by taxing many of the wealthiest Californians. Higher tax rates would apply to single filers making $360,000 and joint filers making $721,000. Failing to renew Prop. 55 would not only amount to a massive tax cut for California millionaires but would ultimately cost our schools tens of billions of dollars in the coming years.
“CFT led the way many years ago to pass the Millionaire’s Tax,” says CFT President Jeff Freitas, “and now we have the opportunity to lead once again to make this progressive tax permanent.”
We ask you to vote “yes” on this proposition in November.