YES ON PROP. 15: Close Corporate Tax Loopholes, Put Schools & Communities First
Updated: Jul 7, 2020
Investing $12 billion every year in schools and local communities while protecting residents, small business, and agriculture is vital for California’s recovery – maintaining corporate tax loopholes is not
The Schools & Communities First initiative, Proposition 15 on the November ballot, will close corporate property tax loopholes to reclaim $12 billion every year for California’s schools, essential workers, and local governments – all while protecting homeowners and renters, small businesses, and agriculture. This initiative, needed now more than ever, will be critical to California’s recovery and reinvestment.
Throughout this campaign, polling has consistently shown that Californians overwhelmingly support closing corporate tax loopholes to reclaim funding for their schools and local communities. In addition to PPIC polling showing a 7 point increase in support for the measure between November 2019 and April 2020, polling of the ballot language that voters will see in November showed 58% support from likely California voters.
This is on top of Schools & Communities First having submitted a record 1.7 million signatures of support, garnering more and more endorsements from the most influential leaders and organizations in the state, and an unprecedented grassroots movement that has already been communicating with voters throughout the state. There’s no question who has the momentum and statewide support in this fight.
According to a recent analysis, 10% of the biggest, most valuable commercial and industrial property owners would generate 92% of the new revenue, illustrating the fact that top corporations in the state have gotten a free ride for decades at the expense of Californians. Moreover, Schools & Communities First exempts owners of commercial and industrial properties with combined value of $3 million or less and implements new small business tax cuts on business personal property taxes.
Here’s what local, state, and national leaders have had to say about Schools & Communities First:
Vice President Joe Biden
“Every kid deserves a quality education and every family deserves to live in a safe, healthy community. That's why I support the California #SchoolsAndCommunitiesFirst initiative that will make corporations pay their fair share and invest in our communities to help them thrive.”
San Francisco Mayor London Breed
“When I look at our dire budget deficits over the next couple of years, and then I see these revenue estimates showing how much we can invest in our community without having to raise any taxes on residents, it makes it more important for me to give my full support on this initiative. Any local official will have a tough time explaining to their constituents why, in the midst of this crisis, they didn’t support closing corporate tax loopholes to bring more resources back locally for our schools and local communities.”
Los Angeles Mayor Eric Garcetti
“This is a choice between perpetuating a tax break for the wealthiest corporations in our state or expanding the critical local services to reduce homelessness, reduce emergency wait times and improve our neighborhoods – at zero cost to residents.”
Tara Lynn Gray, President & CEO of the Fresno Metro Black Chamber of Commerce
“The time is now to patch the holes, especially those holes we can identify immediately, and for many to rebuild where we must. That’s why we’ve endorsed the Schools & Communities First initiative. Small businesses, especially those in Black and other communities of color, are at the frontlines of this pandemic and have had the hardest time accessing help that they desperately need and stand to lose the most.”
Stockton Mayor Michael Tubbs
“Post COVID-19, we’ll have children and families and communities and schools who we’ll need to make sure aren’t on the chopping block, and we have an opportunity to do that by closing corporate tax loopholes and ensuring that we’re investing in the things that will make our communities great.”
Health Access California Executive Director Anthony Wright
“We can close the corporate tax loopholes in order to support and invest in our public health, our critical local services, our schools, and our essential workers on the frontlines of this crisis. Schools & Communities First will generate billions for local governments to allocate toward public health and other health and human services that are more crucial than ever.”