Yes on 55: Extend tax hikes for the rich

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Crystal Zhong/Staff

This is an easy one. The rich ought to pay a substantially higher percentage in taxes than everybody else. Thanks to Proposition 30 — passed in 2012 to help Californians get through the recession — this is already the case, but voters now need to approve Proposition 55 to keep the Proposition 30 tax hikes in place.

In accordance with Proposition 30, the tax increases are set to expire by the end of the year, but Proposition 55 will make sure that single filers who earn more than $250,000 annually and joint filers who earn more than $500,000 annually continue to pay a higher percentage of taxes. Fair and square.

It’s the kind of tax reform that aims to shrink the rich-to-poor gap, and the extra tax revenue will go to grade schools and community colleges.

It’s like redistributing wealth toward the underserved while creating a well-educated population. Not too shabby.

The proposition also includes provisions that would regulate how that money is allocated to those in need. A board would distribute the money to K-12 schools and to community colleges, and local school boards would enjoy discretion on how they use those funds, meaning that they could tailor them toward their specific needs without the state’s motives coming into play. Proposition 55 deserves a yes.

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