California tax hike will spare schools from painful cuts

From The Sacramento Bee: California voters have approved an initiative that will raise about $6 billion a year to pay for education programs and other state spending. Gov. Jerry Brown had warned that if the initiative, Proposition 30, had failed, K-12 districts and universities would have to take immediate funding cuts for the remainder of the school year. Approval of the plan means California will raise income taxes on wealthy earners for seven years and hike the statewide sales tax by a quarter-cent for four years.

MORE...News release from The California State University system: Because of voters’ approval of Proposition 30, California State University will avoid a $250 million mid-year budget cut, and will start the process of rescinding the $249 per semester tuition fee increase that had been approved.