Vote Smart's Synopsis:

Vote to pass a bill that increases the rate of taxation for individuals in the highest tax bracket and appropriates money for education.

Highlights:

-Appropriates $350.7 million for prekindergarten through grade 12 education, including $95.49 million for the fiscal year 2008 and $255.25 million for the fiscal year 2009 [Art.1(sec.1)]. -Establishes a prekindergarten education finance system, which provides an allowance of $200 for each eligible child to provide a prekindergarten education. Larger allowances are available based on household income levels [Art.1(sec.2)]. -Appropriates $292.7 million to the Department of Education for general education aid, including $93.42 million for the fiscal year 2008 and $199.29 million for the fiscal year 2009 [Art.1(sec.11.1-2)]. -Appropriates $93 million for higher education to limit tuition increases and provide state grants, including $34.5 million for the fiscal year 2008 and $58.5 million for the fiscal year 2009 [Art.2(sec.1)]. -Creates a new top tax bracket, with a tax rate of 9.7 percent for couples with a combined income over $250,000, unmarried individuals or married individuals filing separately with income over $141,250, and heads of household with income over $212,500 [Art.3(sec.1)]. -Increases the tax on estates and trusts from 6.4 percent to 7.75 percent [Art.3(sec.2)].

Full Bill Text