Amid an unprecedented international pandemic that has had a devastating impact on our financial system, and brought about nice monetary hardship to thousands and thousands of Californians, proponents of Prop. 15 now wish to impose even higher hardship on households and native companies.
By enacting the biggest annual property tax enhance in our state’s historical past – as much as $12.5 billion per yr.
Supporters of the measure declare Prop. 15 will solely elevate taxes on giant, rich firms with business land and buildings value greater than $three million. What they fail to say, is the catastrophic domino impact it can have on all Californians, from native companies and customers to farmers and householders.
Prop. 15 will inevitably elevate the price of dwelling for all Californians, particularly these with much less means, as grocery shops, retailers and different companies face larger prices that, in flip, shall be handed on to customers. It’s going to destroy jobs and native companies and raises taxes for household farmers.
Prop. 15 couldn’t come at a worse time for all Californians. COVID-19 has already taken an incredible toll on the monetary well-being of our financial system and its folks. Households are struggling to make ends meet and California companies, each giant and small, are desperately making an attempt to remain afloat. If enacted, Prop. 15 could show an excessive amount of to bear for some companies and destroy any likelihood they might must recuperate. Our already excessive unemployment charge will skyrocket as extra folks lose their jobs and their livelihood.
There was a time when folks flocked to California in the hunt for the American dream; a time when the Golden State’s booming financial system thrived and flourished beneath the heat of a really business-friendly local weather.
Right this moment, that’s not the case. California’s value of dwelling is among the many highest within the nation. Companies and households are leaving at an alarming charge as a result of more and more larger taxes and overregulation.
Sadly, the Golden State is now ranked as one of many least business-friendly states within the nation. The very last thing we want is one other property tax that may additional exacerbate the mass exodus and, ship a transparent message to these industries who could also be seeking to transfer right here – you’re not welcome.
As well as, Prop. 15 poses a direct risk to householders and severely undermines Prop. 13 protections. Since Prop. 13 was overwhelming accepted by the voters in 1978, opponents have been making an attempt to chip away the protections afforded householders beneath the measure in an effort to extend property taxes. Now they’re now doing it once more beneath the guise of Prop. 15. Make no mistake, ought to Prop. 15 cross, it can open the floodgates for additional assaults on Prop. 13 and your property could possibly be subsequent.
Merely put, Prop 15 is nothing greater than a large property tax hike that may harm California households and companies.
Lisa Bartlett represents the Fifth District on the Orange County Board of Supervisor