Some thoughts on tax initiatives

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webmaster | 10/23/12
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Of the 11 propositions on the ballot, three have to do directly with taxes — Proposition 30, 38 and 39.

Props. 30 and 38 would raise taxes, to funnel more money to schools. Prop. 39 would try to close some corporate tax loopholes by ending tax breaks for out-of-state companies that do business in California.

If you are wondering how to vote on these measures, here’s a little test:

If you don’t think you are paying enough taxes, vote yes on both 30 and 38.

Promoters of both say the measure that gets the most votes should be the one that wins, and are urging not only “yes” votes on their own initiatives, but “no” votes on the other.

Prop. 30 is sponsored by Gov. Jerry Brown, and it already is dedicated to balancing the state budget and making sure schools get the funds promised them by the Legislature.

Prop. 38, sponsored by Los Angeles attorney Molly Munger, would forward the money directly to K-12 schools. She expects the measure would raise about $8 billion over the next year.

Prop. 30 would increase taxes on those who earn more than $250,000 annually, and also would increase the state sales tax by a quarter cent.

Prop. 38 would increase income taxes on most Californians. However, it would not stop the Legislature from taking some of that money by sending fewer dollars to the school from the state treasury.

Again, if you don’t think you’re paying enough taxes, vote yes on both.

If both pass, and become law, the schools will breathe a sigh of relief. If only Prop. 30 passes, the schools won’t get any more than they’ve already been promised — the promise will merely be funded. If only Prop. 38 passes, the schools will get more funds than usual, but in years to come may get shorted again.

 

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