Following the defeat of Proposition 24, a ballot measure that would have repealed three recent business tax breaks, Jean Ross, executive director of the California Budget Project, a nonpartisan public policy research group, released this statement:
“The people of California voted down Proposition 24, which would have repealed three business tax breaks that will cost the state $1.3 billion or more per year when they take effect. Voters shouldn’t be asked to address complex tax issues at the ballot box.
Independent research shows that business tax breaks have little impact on job creation. But the loss of $1.3 billion a year in funding will widen the state’s budget gap and jeopardize funding for schools, health care, and other public structures that serve the common good. As part of a balanced budget solution, the Legislature should heed the call of editorial boards and analysts across the state and scale back these tax breaks to avoid further budget cuts that could harm the economy, jeopardize our economic competitiveness, and push the state back into a recession.”
– California Budget Project