Sacramento Bee Backs Prop 39
The Sacramento Bee has endorsed Proposition 39, urging voters to approve the measure to “close a $1 billion corporate tax loophole, one that legislators are incapable of shutting.”
Says the Bee Editorial Board: “Proposition 39 shows how direct democracy should work.”
Proposition 39 will add fairness back to California’s tax system, boost our state’s economy, create badly needed jobs, and bring $1 billion back into the state general fund for programs including schools, by closing an tax loophole that currently benefits corporations only if they are headquartered in other states.
“Essentially, out-of-state corporations such as cigarette maker Altria gained the privilege to determine which of two methods of taxation allowed them to pay the least in state taxes, and they are allowed to toggle back and forth each year so as to gain the greatest benefit,” says the Bee.
For the first five years, Proposition 39 will dedicate half of the revenues to job-creating energy efficiency and clean energy programs. These programs will include projects at schools and government buildings such as installing solar panels, upgrading old heating and cooling systems, swapping out old windows and installing other energy-saving technologies.
The other half of the revenues for the first five years will go to our state’s general fund – helping to balance the budget and sending hundreds of millions of dollars to our public school system, social and health services, transportation and prisons. After five years, all of the revenues will go into the general fund.
“The guts of the initiative track word-for-word legislation carried last year by Sen. Kevin de León, D-Los Angeles. That's significant because the Legislature's staffers vetted the measure,” the Bee says.
Proposition 39 is supported by a coalition of business, education, labor and other groups including the American Lung Association/California, CA NOW, California Alliance for Retired Americans, California Church IMPACT, Latin Business Association, California Labor Federation, Los Angeles/Orange Counties Building & Construction Trades Council and the California League of Conservation Voters.
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