Capital & Main: Which Plutocrats Are Funding Fight Against Tax Reform
California has been underfunding its public schools for years. The state has vast wealth but low taxes for commercial real estate, due to Prop 13, which was enacted in 1978 as part of a taxpayer revolt. It froze taxes on commercial real estate at 1975 levels.
Who are the plutocrats funding the fight against Prop 15? Investigative journalism Capital & Main followed the money.
As reporter Bobbi Murray shows, the tax system is badly skewed and vastly profitable properties are under taxes.
Prop. 15, the second of 12 initiatives to appear on California’s ballot, would establish a “split-roll” system to tax corporate and commercial property at presently assessed values instead of at rates based on purchase prices set by Proposition 13 in 1978. Chevron, for example, has saved over $100 million a year on taxes, as CONTINUE READING: Capital & Main: Which Plutocrats Are Funding Fight Against Tax Reform | Diane Ravitch's blog
