The S.F. Chronicle reports:
Prop. 55 is a 12-year extension on personal income tax increases for earners making over $250,000 a year, first enacted in 2012. The revenue — between $4 billion and $9 billion a year, depending on the economy and stock market — would be directed to primary and community college education and, in some years, health care.The new slave masters want to tax the productive. No word yet on whether the state of Texas is secretly behind Prop. 55.
