Budget Crisis
A Progressive Response to the Budget Crisis
As California faces its worse budget crisis in decades Nancy will work to restore the revenues our state so desperately needs to support our schools, communities and social services. It is an outrage that the Governor is slashing school funding without demanding that oil companies and big corporations pay their fair share.
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Nancy will vigorously oppose efforts to balance the budget on the backs of our school children, seniors, working families, the disabled and the poor. She believes that before we ask those who can least afford it to accept across the board cuts, we should make sure corporations are paying their fair share.
Nancy will fight to pass an oil severance fee. We are the only oil-producing state without one. A 6% oil severance tax, in line with what other states charge, would generate $1 billion.
Nancy will work to pass a tax on polluters to cover the costs of the environmental damage that they do. Taxing the largest polluters would provide incentives to reduce pollution and generate billions for state services.
Nancy will also work to close the loopholes that allow commercial property to avoid reassessment when it is transferred, that has left homeowners with paying a far larger portion of state property tax than business. Closing this loophole in Prop 13 that allows commercial and industrial properties to avoid reassessment would provide $4.5 billion.
She will fight to close the loophole that allows the rich to avoid paying sales taxes on yachts.
There are billions in corporate tax loophole that could be closed. Nancy has the courage and independence to take on the powerful corporate interests – and fight for what is fair. |
