Proposition 24 – which would’ve rescinded about $1.3 billion in corporate tax breaks, enacted during the 2008 and 2009 state budget deals, that are to take effect Jan. 1 – looks like it’s headed for defeat; at this hour, it has only 40 percent support.
From Tim Valderrama, California executive director for TechNet and member of the executive committee for the campaign against Prop. 24.
“Voters tonight – by defeating Proposition 24, the Jobs Tax Initiative — have said no to shortsighted gimmicks and yes to policies that promote job creation.
“Proposition 24 would have repealed common sense tax reforms designed to create and retain jobs in California, and to help the state’s employers, including small businesses, get through these hard times. We were confident that voters would understand what was at stake on this initiative and their vote tonight makes it clear that they did.
“The defeat of Prop. 24 can be seen as an endorsement of the kind of bipartisan effort that originally led to the tax reforms the measure targeted. Californians want policies that encourage job growth and foster an economy that’s healthy enough to pay for the services our state’s citizens deserve.”
From California Teachers Association President David Sanchez:
“The defeat of Proposition 24 is certainly disappointing for our students and public schools. These tax giveaways will mean more cuts to public education at a time when class sizes are increasing and vital student programs have been eliminated. We can only hope that the businesses that benefit from these tax breaks will do as they claimed and reinvest those dollars into new jobs and into our economy.
“Throughout the campaign, one theme has been constant from editorial writers and opinion leaders, that these tax breaks desperately need fine-tuning by the legislature. We hope lawmakers listen so hardworking taxpayers don’t continue to pay more than their fair share. Investing in our public schools is essential to rebuilding our communities and our economic future.
“I want to thank all of the hardworking and dedicated educators and our other supporters, including the League of Women Voters, the California State PTA, AFSCME, the California School Employees Association, the California Faculty Association and so many others who worked so hard to give a break to regular taxpayers.”