The school board listened to a presentation about a proposed ballot initiative to increase the state’s income tax to better fund public education.
Initiative 93 proposes a graduated tax increase for the following tax brackets: $150,000 up to $200,000, an increase of .37 percent; $200,000 to $300,000, an increase of 1.37 percent; $300,000 to $500,000, an increase of 2.37 percent and above $500,000, an increase of 3.62 percent.
The additional tax would be based on Federal Taxable Income and would have no effect on individuals or families making less than $150,000. The initiative would also increase the state’s corporate tax rate for “C” Corporations by 1.37 percent.
The initiative is still gathering the signatures needed to get it on the ballot for November 2018. This initiative has no bearing on the new distribution formula that was endorsed by most of the state’s superintendents. That measure is working through the state house and only allocates education funding; it does not increase taxes.
