Global Public Policy
With less than three weeks before election day, Facebook founder Mark Zuckerberg’s advocacy arm, Chan Zuckerberg Advocacy, made an additional contribution to the "Yes on Proposition 15" campaign, bringing his total to more than $10.5 million.
Following the move, The Wall Street Journal joined more than two dozen newspapers expressing their opposition to increased property taxes proposed by Prop. 15, pointing out that fast food franchises, small dairies, wineries, orchards, manufacturers and small businesses will pay for the higher taxes while tech companies like Facebook will be less affected as their employees are allowed to work remotely:
Perhaps he’s trying to atone for his wealth, but as the NAACP and minority business groups explained in a letter to him in August: “Unlike Facebook, restaurants, dry cleaners, nail salons and other small businesses can’t operate right now and many may never open again. The last thing they need is a billionaire pushing higher taxes on them under the false flag of social justice.”
If passed, Prop. 15 would tax commercial and industrial properties based on market value rather than the current method of taxing the purchased price with annual increases of 2% or the rate of inflation, whichever is lower. For now, residential properties would still be assessed by purchase price.
Prop. 15 represents the largest tax increase ever in California. Be sure to share the need to simply vote NO on Prop 15.
For more information, visit www.NoOnProp15.org.