On Tuesday, November 8, Californians will vote on whether to issue 9 billion dollars in bonds to pay for school facilities, and whether to extend temporary tax hikes on high earners.
Proposition 51 authorizes the state to issue 9 billion dollars in bonds to pay for construction and repair of facilities for public schools, charters schools and community colleges. The bonds will cost the taxpayers 8.6 billion dollars in interest, for a total cost of $17.6 billion dollars. The state will have to collect a half billion dollars a year in taxes for 35 years to pay back these bonds.
Governor Jerry Brown opposes this new bond issue, because the state has too much debt already. Libertarians favor a system of private schools for all, with scholarships for those who need help paying tuition. This will guarantee access to education for all, while transferring the capital cost of school construction from the taxpayers to private and corporate educational businesses. Governor Jerry Brown and The Libertarian Party urge you to vote No on more debt, Vote No on Proposition 51.
Proposition 55 will extend for 12 years income tax hikes on residents earning $250,000 a year or more. Governor Jerry Brown promoted temporary tax hikes in 2012, and he favors letting the tax increases expire. California already puts a high cost on success, making the state less welcoming to successful individuals and successful companies. We must create a business climate that promotes economic growth in order to keep Californians working and productive. We need tax cuts for economic growth, not tax hikes. Governor Jerry Brown and The Libertarian Party urge you to vote against high taxes, Vote No on Proposition 55.
Proposition 53 is an amendment to the California Constitution that will require voter approval of revenue bonds if the issue exceeds 2 billion dollars. The Constitution now requires approval by the voters for bonds dedicated to funding specific projects, but does not require voter approval for general purpose revenue bonds. Proposition 53 will make it harder for the state to go more into debt. The Libertarian Party urges you to Vote Yes on Proposition 53.