As our March for California's Future makes its way closer to Sacramento the bottom line is this: we need to get serious and decide what kind of future we want for our children and our children's children. Do we want to spend more money on prisons than on schools? Do we want to sacrifice opportunity for the majority of Californians so those at the top of the economic ladder and some of the most powerful corporations do not have to make any sacrifices at all?
Consider the fact that the top one percent of earners in California has nearly doubled its share of income over the past twenty years from 13 percent to 25 percent. Ponder the reality that, despite the mantra of the anti-tax zealots, taxes are not higher now in California than they have ever been. In 1993, for instance, the highest marginal tax bracket in California was 11 percent while today it is only 9.3 percent. (There is a temporary 1 percent surcharge on people who make $1 million a year due to the budget deal of two years ago, but that expires this year). Restoring the top brackets to what they were in the 1990s would bring in $5 billion per year.
If we look at corporate taxes, a recent report by Forbes documented how many of the most powerful corporations in the United States pay no taxes. For example, General Electric made over $10 billion dollars last year and actually got over $1 billion back in Federal tax rebates. Many other big corporations pay no taxes while you and I are left to carry the load.
In California, corporations only contribute 11% of the state budget whereas, in 1980, they