Proposition 208 is looking to increase funding for schools. Essentially, individuals earning 250,000 annually, or couples earning $500,000 annually, would have income taxes increased at a rate of 3.5%, which would be used to fund schools.
Per BallotPedia, Arizona Proposition 208, the Tax on Incomes Exceeding $250,000 for Teacher Salaries and Schools Initiative, is on the ballot in Arizona as an initiated state statute on November 3, 2020.
|A “yes” vote supports this ballot initiative to:
* enact a 3.50% income tax, in addition to the existing income tax (4.50% in 2020), on income above $250,000 (single filing) or $500,000 (joint filing) and
* distribute the revenue from the 3.50% income tax to teacher and classroom support staff salaries, teacher mentoring and retention programs, career and technical education programs, and the Arizona Teachers Academy.
|A “no” vote opposes this ballot initiative, thus keeping the highest income tax rate at 4.50% (in 2020) on income above $159,000 (single filing) or $318,000 (joint filing).|
Please see link below for more on what a “yes” vote means and what a “no” vote means.
Check back Thursday as we will have a poll to see what action you may take regarding Prop 208.