The Proposition would have received its revenue through a 1.7% tax on individual income over $400,000 and couples’ income over $800,000. The estimated fiscal impact was an increase in annual revenues of $2.1 billion in 2007–08, growing with the economy in future years. All revenues would have been spent on the new preschool program.
This page is based on a Wikipedia article written by contributors (read/edit). Text is available under the CC BY-SA 4.0 license; additional terms may apply. Images, videos and audio are available under their respective licenses.