Wealthiest Californians Will Continue to Pay Higher Income Taxes After Prop. 55 Passes

The wealthiest Californians will continue to pay higher income taxes as voters look to have approved Proposition 55.

In returns as of late Tuesday night, the measure led with more than 61% of votes counted.

“California voters have once again stood up for our children and schools in approving Proposition 55 to protect critical funding for education and keep vital services intact,” said Yes on 55 spokeswoman Jennifer Wonnacott in a statement.

Proposition 55’s passage means that single-filers earning more than $263,000 and joint-filers making more than $526,000 will pay a 10.3% tax on their income through 2030. Those making more than $1 million will pay the highest rate of 13.3%. The nonpartisan Legislative Analyst’s Office has estimated that the higher tax rates will raise $4 billion to $9 billion a year, depending on the economy and stock market.

Click here to read the full story on LATimes.com.