(LibertySociety.com) – Mark Zuckerberg spent millions of dollars backing a tax increase in California this past election. All of that was for nothing. On November 10, the San Francisco Chronicle reported it was a failure.
According to the latest numbers, 51.8% of Californians voted no on Proposition 15. The proposal would have removed a tax shield put in place by Prop 13 in 1973. The industrial and commercial real estate industries would have been impacted by the measure. However, it seems residents of the state did not want to raise taxes while the state is in the midst of the COVID-19 pandemic.
Voters in California rejected Proposition 15, which would have removed a tax shield from commercial properties and raised billions of dollars a year for public schools, community colleges and local governments.https://t.co/zrz5YnFH2a
— The New York Times (@nytimes) November 11, 2020
Although Zuckerberg claimed the prop would help people in communities across the state, the Legislative Analyst’s Office (LAO) said some governments would be left out, and “rural areas may end up losing money.” Residents of the state already pay more taxes than many other states, so it’s not surprising voters rejected another one.
Copyright 2020, LibertySociety.com