The initiative would amend state statute to increase the tax on income above $250,000 for individuals, trusts, and estates and above $500,000 for couples filing jointly to $16,097 plus 10.925%. The tax bracket would not be adjusted for inflation until 2025. The initiative would also increase the corporate income tax from 6% to 8%. The new tax brackets and tax rates would take effect on January 1, 2023.

The initiative would also establish the Quality Education Fund. Revenues from the increased taxes would be deposited into the fund. The initiative requires that the funds be distributed to public school districts and charter schools according to their share of the state's average daily attendance during the previous school year.