Proposition 6, on the November ballot, would repeal SB1, eliminating $5.1 billion in annual funding for road repair and mass transit, and halting thousands of projects, several of which have already begun. It would also require that any future change to gas and vehicle taxes go before voters, taking that tool away from legislators. At stake, beyond fixing roads and funding reliable bus service, is the very nature of governance itself in the Golden State. “We wouldn’t be having this discussion if we had a more normal system,” said Chris Hoene of the California Budget & Policy Center.
Jonathan Kaplan, a senior policy analyst with the California Budget & Policy Center, said that Proposition 5 is a double whammy for younger, lower-income Californians. Not only could they face higher home prices, he said, but they’d also share the burden of reduced revenues, through a reduction in services or a shift of the tax burden. The estimated revenue loss to schools would cost the state less than 1% of the state budget, but that is enough to provide 110,000 children with child care, Kaplan said.
In 2017, lawmakers approved a major transportation funding package that will provide $5 billion a year in much needed funds for roads, highways, public transit, and bike and pedestrian improvements. Proposition 6, which will appear on the November 6, 2018 statewide ballot, would eliminate this recently enacted funding for California’s transportation infrastructure. The Budget Center […]
California’s local property tax system supports an array of local services, such as K-14 education, public safety, and human services. Proposition 5, a key measure on the November 6 statewide ballot, would make significant changes to our state’s local property tax system. Prop. 5 would broadly expand special rules under which certain property owners can lower their property […]
Figures from the California Budget & Policy Center show who truly benefits from this arrangement. Due to Proposition 5’s complicated formula, those selling the most expensive properties will reap far greater savings. For example, take two families who bought houses 20 years ago for $200,000. Both decide to move into $1.5 million condos. If the first family’s house is now worth $500,000, they would save $3,000 on their annual tax bill. If the second family’s home is worth $1.4 million, they would save a whopping $12,000 a year.