Proposition 38, which will appear on the November 6, 2012 statewide ballot, would temporarily increase personal income tax rates for nearly all California taxpayers and allocate the new revenues to K-12 education, early childhood education, and repayment of state general obligation (GO) bond debt. Proposition 38 would raise an estimated $10 billion in 2013-14 – the first full fiscal year of implementation – and could potentially raise larger amounts in subsequent years. The sponsor of Proposition 38 is Advancement Project Co-Director Molly Munger, and supporters include the California State PTA. This Budget Brief provides an overview of this measure and the policy issues it raises. The California Budget Project neither supports nor opposes Proposition 38.