What is Proposition 208?

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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.

“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.

“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.

https://ballotpedia.org/Arizona_Proposition_208,_Tax_on_Incomes_Exceeding_$250,000_for_Teacher_Salaries_and_Schools_Initiative_(2020)

Check back Thursday as we will have a poll to see what action you may take regarding Prop 208.