Nov 7, 2012 2:40 PM by Kelly Orsini, KSBY News
Governor Jerry Brown is praising Californians for passing Proposition 30, calling it a victory for children, schools and the American dream.
"Last night, Californians made the courageous decision to protect our schools and colleges and strengthen the California dream," said Governor Brown. "We joined together as Californians first in a resounding victory for education and fiscal integrity. The people of California have put their trust in a bold path forward and I intend to do everything in my power to honor that trust."
Governor Brown introduced Proposition 30 as a way to generate revenue and prevent $6 billion in cuts to schools. The proposition raises the income tax on those making more than $250,000. It also temporarily increases the sales tax by a quarter cent.
The sales tax increase will expire in four years, and the income tax increase for the wealthiest taxpayers will end in seven years.
The sales tax increase is effective January 1, 2013 and the income tax increase is effective starting with the 2012 tax year.
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