1 Day
Source:
New York Post
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California's temporary tax may become permanent
Voters in California will decide in November whether to make permanent higher income-tax rates for high earners, as proposed by Proposition 3. The measure would retain the current tax structure, which increases rates for incomes above $371,000, and is set to expire in 2031. Supporters argue that the revenue, primarily allocated to public education and healthcare, is essential for funding services and preventing budget cuts. Opponents contend the current high rates are excessive and could negatively impact the economy.
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