July 14, 2016 – 4:20 P.M.
Backers of the effort to extend the lifespan of California’s tax rates on the most wealthy boosted their campaign coffers Thursday, with a $10-million contribution from the California Teachers Assn.
State campaign finance reports show the effort to pass Proposition 55 has now collected almost $28 million, bankrolled largely by teachers and by the California Hospital Assn.
Prop. 55 would add 12 years to the lifespan of temporary taxes first approved by voters in 2012. Single filers earning more than $263,000 a year and joint filers reporting more than about $526,000 of income would continue to pay higher rates through 2030. The independent Legislative Analyst’s Office has estimated Prop. 55 could bring in as much as $7.5 billion in tax revenues by 2019.
While the revenues aren’t assumed in the budget Gov. Jerry Brown signed last month, his fiscal advisors have projected budget deficits if the initiative fails to pass.
The teachers group was also one of the leading proponents of the 2012 tax initiative. In addition to teachers and hospitals, the Prop. 55 campaign’s backers include the Service Employees International Union and the California Medical Assn.
UPDATE: 9:15 p.m. – This story was modified to reflect the total raised is almost $28 million, not $38 million. The error was due to incomplete data on the state’s campaign finance website.