March 2, 2018News
Bill and ballot measure would help us get to 20 x 20
A newly introduced bill and ballot measure would bring billions to local schools and help us reach our goal of 20 x 20—to fund schools by $20,000 per pupil by the year 2020. There is no sustainable future for public schools in California if we continue to rank 46th in the nation in per-pupil funding.
New bill would close carried-interest loophole and raise millions for education
A new bill, AB 2731, would close the so-called carried interest loophole, which allows hedge fund managers to pay a substantially reduced federal tax rate on much of their income. Authored by Assemblymember Mike Gipson, the legislation would raise taxes on California residents who benefit from the lower rate, to offset the tax savings they receive at the federal level. The bill would correct a glaring inequity in the tax code and generate millions of dollars in revenue targeted for education.
AB 2731 is sponsored by the Reclaim Our Schools coalition and backed by groups focused on reducing inequality in the U.S., including the Patriotic Millionaires, a coalition of high-net worth people concerned about the destabilizing concentration of wealth and power in America, and Hedge Clippers, a group that targets the outsized influence of hedge funds and private equity funds in public policy.
Signature gathering starts now for the California Schools & Local Communities Funding Act
Beginning this month, UTLA members will be driving a signature-gathering effort to get the California Schools and Local Communities Funding Act of 2018 on the November ballot. The measure would generate approximately $11 billion for schools, community colleges, health clinics, and other vital services by requiring all commercial and industrial properties to be assessed at fair market value, putting the state on par with how the vast majority of the country assesses these properties. This initiative only affects undervalued commercial properties, creating a level playing field for those businesses that already pay their fair share. And California’s commercial property taxes will still be among the lowest in the country because of Proposition 13’s cap on tax rates, which the California Schools and Local Communities Funding Act does not change. Talk to your chapter chair about your school’s plan to join the petition drive and get this critically needed measure on the ballot.
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