Criticizes Mark Zuckerberg’s Financial Support of Tax Hike that Hurts Small Businesses and Minority Communities
SACRAMENTO, CA – The Wall Street Journal has joined more than two dozen newspapers who are expressing their opposition to increased property taxes proposed by Proposition 15, the largest property tax increase in California’s history. The Editorial Board points out that fast food franchises, small dairies, wineries, orchards, manufacturers and small businesses will pay for Prop 15’s higher taxes while tech companies like Mark Zuckerberg’s Facebook will be less affected as their employees are allowed to work remotely.
Read excerpts from the Wall Street Journal’s Editorial: California’s Next Big Tax Gulp below:
“On Nov. 3, Californians will vote on a “split roll” ballot initiative (Prop. 15) that seeks to enact the biggest tax hike in state history. In 1978 voters enshrined protections against runaway property taxes in the state Constitution (Prop 13). Prop. 15 would abolish those protections for businesses while maintaining limitations—at least for now—on homes…
“This (Prop 13) is the only balm in California’s oppressive tax climate and acts as a modest restraint on the government spending ratchet. Unions know that attempting to repeal this entirely would spur a homeowner revolt, so they are targeting businesses…
“Unions say their initiative will only hit wealthy corporations, but not even the Democratic-friendly NAACP believes that whopper, which is why it and minority business groups are campaigning against the initiative. Anyone who owns a couple of fast food franchises would get walloped. Ditto small dairies, wineries, orchards and manufacturers…
“Small businesses that rent space note that landlords would pass on the tax hike in lease agreements. Less affected will be tech titans that recently purchased properties or are planning to down-size office space as they allow more employees to work remotely. Facebook CEO Mark Zuckerberg is Prop. 15’s second biggest donor.
“Perhaps he’s trying to atone for his wealth, but as the NAACP and minority business groups explained in a letter to him in August: ‘Unlike Facebook, restaurants, dry cleaners, nail salons and other small businesses can’t operate right now and many may never open again. The last thing they need is a billionaire pushing higher taxes on them under the false flag of social justice.'”
ABOUT NO ON PROP 15 – STOP HIGHER PROPERTY TAXES AND SAVE PROP 13
No on Prop 15 – Stop Higher Property Taxes and Save Prop 13, a bipartisan coalition of homeowners, taxpayers, and businesses, has been fighting to protect Prop 13 and oppose a split-roll property tax for more than a decade. For more information, please visit www.NOonProp15.org.