Assessor-Recorder Phil Ting: It´s Time to Close the Corporate Tax Loophole in Proposition 13
California Political Desk
May 20, 2009
San Francisco, CA - In the wake of the defeat of the May 19 ballot propositions by California voters, San Francisco Assessor-Recorder Phil Ting is calling for a fundamental budget overhaul, starting with a renewed focus on one of the key components of the problem: the massive corporate property loophole in Proposition 13.
Acknowledging that many of the deep fiscal problems California faces stem from the tax inequities inherent in Prop. 13, Ting argues that California needs to reform the initiative, making it more fair to Californian taxpayers and restoring fiscal sanity.
"Nobody knows better than a tax assessor that the corporate tax loopholes in Proposition 13 are a big part of the reason California is falling further and further behind. We need to fundamentally reform Prop. 13 by implementing a Split Roll – a system that would eliminate corporate tax loopholes and continue to protect California homeowners."
Ting, who has set up a petition on his website and is working with a new grassroots organization called "Close the Loophole" to generate support, argues that vast corporate property tax loopholes in Prop. 13 have shifted the property tax burden away from large corporations and on to individual property owners. "The abundance of corporate property tax loopholes creates a system where the middle-class, our families and our seniors are buried under a mountain of property taxes."
According to Ting, the numbers tell the story: "30 years ago in San Francisco, commercial property owners contributed the majority of property taxes, 59%, and residential property owners contributed 41%. Today, we see the reverse: commercial property owners contributed just 43% of property taxes in 2008 while residential property owners contributed 57%."
Ting argues that the Split Roll proposal could solve the problem of corporate tax loopholes and decreasing state revenue. Split Roll would "rework Prop. 13 to literally split the property tax rolls ¬– assigning unique tax levels to corporations and homeowners and leveling the property tax playing field." Split Roll would actually decrease the property tax burden to families and homeowners by closing corporate tax loopholes.
Ting argues that it´s times like these that present the best opportunity for change. "California cannot continue to mortgage the future to protect a law that has resulted in near-constant budget shortfalls, deep cuts to vital services and corporate tax loopholes. As Assessor-Recorder of San Francisco, I know the longer we wait to make the corporations pay their fair share, the further our state will fall behind.The need for reform has never been more urgent."
Phil Ting is the Assessor-Recorder for the City and County of San Francisco. Learn more at www.PhilTing.com sign the petition at www.PhilTing.com/close_the_loophole.
Acknowledging that many of the deep fiscal problems California faces stem from the tax inequities inherent in Prop. 13, Ting argues that California needs to reform the initiative, making it more fair to Californian taxpayers and restoring fiscal sanity.
"Nobody knows better than a tax assessor that the corporate tax loopholes in Proposition 13 are a big part of the reason California is falling further and further behind. We need to fundamentally reform Prop. 13 by implementing a Split Roll – a system that would eliminate corporate tax loopholes and continue to protect California homeowners."
Ting, who has set up a petition on his website and is working with a new grassroots organization called "Close the Loophole" to generate support, argues that vast corporate property tax loopholes in Prop. 13 have shifted the property tax burden away from large corporations and on to individual property owners. "The abundance of corporate property tax loopholes creates a system where the middle-class, our families and our seniors are buried under a mountain of property taxes."
According to Ting, the numbers tell the story: "30 years ago in San Francisco, commercial property owners contributed the majority of property taxes, 59%, and residential property owners contributed 41%. Today, we see the reverse: commercial property owners contributed just 43% of property taxes in 2008 while residential property owners contributed 57%."
Ting argues that the Split Roll proposal could solve the problem of corporate tax loopholes and decreasing state revenue. Split Roll would "rework Prop. 13 to literally split the property tax rolls ¬– assigning unique tax levels to corporations and homeowners and leveling the property tax playing field." Split Roll would actually decrease the property tax burden to families and homeowners by closing corporate tax loopholes.
Ting argues that it´s times like these that present the best opportunity for change. "California cannot continue to mortgage the future to protect a law that has resulted in near-constant budget shortfalls, deep cuts to vital services and corporate tax loopholes. As Assessor-Recorder of San Francisco, I know the longer we wait to make the corporations pay their fair share, the further our state will fall behind.The need for reform has never been more urgent."
Phil Ting is the Assessor-Recorder for the City and County of San Francisco. Learn more at www.PhilTing.com sign the petition at www.PhilTing.com/close_the_loophole.
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