Prop 55 headed to victory

California voters have approved a ballot measure to keep taxing the rich to raise billions of dollars for public schools and health care.

Proposition 55 will extend until 2030 higher income taxes that voters first approved in 2012 in response to deep education cuts during the Great Recession.

Voters approved it by 62 percent Tuesday.

Supporters included unions that spent millions of dollars. Organized opposition was minimal.

The proposition extends what were supposed to be short-term tax increases on residents who annually earn more than $263,000 for single filers and $526,000 for families. At that level, taxes bump up 1 percent, while millionaires pay an extra 3 percent.

Analysts calculated that extending the taxes past 2018 would generate between $4 billion and $9 billion annually for the state budget.