1. Will California’s ‘Temporary’ Tax on Wealth Ever Fade Away?

    Will California’s ‘Temporary’ Tax on Wealth Ever Fade Away?

    When Californians voted to “temporarily” raise taxes to fund education on Nov. 6, 2012, they probably never expected the hikes would linger in one form or another until 2030, but that’s exactly what happened.

    Prop. 30, officially tagged as “Temporary Taxes to Fund Education,” was billed as a ballot measure to increase taxes to prevent $6 billion in education budget cuts to public schools. It hiked the personal income taxes of Californian residents with annual earnings of over $250,000 for seven years, and was implemented retroactively from Jan. 1, 2012 until the end of 2018. California voters approved the initiative by a margin of 55 to 45 percent.

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