California voters approve permanent tax on wealthy to fund San Jose schools

California voters approved Proposition 3, making permanent an income tax on wealthy residents to fund public K-12 schools and other services, San Jose Inside reported.

The measure, supported by the state's largest teachers union, passed with about 59% of votes in favor as of November 4, securing continued funding that generates between $5 billion and $15 billion annually for schools.

This tax, originally enacted in 2012 and renewed in 2016, applies to individuals earning over $371,000 and couples earning more than $743,000, maintaining a 12.3% income tax rate for these groups.

Supporters, including the California Teachers Association, emphasized the importance of stable school funding and job security for educators, while opponents expressed concerns about potential tax flight by wealthy residents.

The extension of this tax ensures that San Jose and other California schools avoid steep budget cuts that would have occurred if the tax expired in 2031, according to the California School Boards Association.

The measure reflects California voters' commitment to investing in public education, as noted by local and state education leaders.