Today, the Patriotic Millionaires of California are proud to officially endorse the Schools and Communities (SCF) Ballot Measure for the upcoming 2020 election in California.
For nearly four decades large corporations and businesses in California have avoided paying their fair share, causing our localities to be drastically underfunded and our schools to fall behind. California is the wealthiest state in the country, but we rank near the bottom when it comes to the amount spent per pupil and overcrowded classrooms. It is time we fix this broken system and share the prosperity of our state with the next generation.
SCF seeks to reclaim over $12 billion dollars annually for communities and schools by taxing commercial and industrial properties at the current fair market value, rather than the outdated rates they currently pay. Importantly, the initiative also contains an exclusion for residential properties and small businesses to ensure funding will come from only large businesses – and not working families. This critical new revenue will fund K-12 schools, first responders, parks, public transportation, health clinics and local communities.
After all, corporations and businesses benefit from infrastructure, public schools, and emergency responders like all of us, so why should they be rewarded for robbing their localities of the funds they need to thrive?
In addition to creating a fairer tax system, this bill is also just good economics. SCF will level the playing field for new businesses that are struggling to compete with large corporations by eliminating tax benefits based on seniority. We need to close the corporate loopholes that allow local businesses like Chevron and Disney to pay egregiously low rates on their massive properties simply because they’ve owned it for many years, and let new businesses compete.
The current system is not working for most Californians. We deserve the comfort of having emergency services that are adequately funded to handle our annual fire season, and a world-class education system that gives the next generation of Californians the education they need to succeed.
These goals are possible when corporations and wealthy investors pay their fair share and invest in California’s future, rather than their own bottom line, and that’s why we are proud to endorse this absolutely critical ballot measure.