By Jon Coupal | In a bit of irony, this March there will be a Proposition 13 on the California statewide ballot. But unlike the landmark taxpayer protection of 1978, the Prop. 13 of 2020 will put taxpayers on the hook for $27 billion.
There’s another big difference between Prop. 13 (1978) and Prop. 13 (2020). The first was the result of a massive grassroots campaign by citizen taxpayers and homeowners striking back against out-of-control property taxes while the fake Prop. 13 was put on the ballot by the California legislature.
Prop. 13 (2020) is a huge $15 billion statewide school bond chock full of hidden traps for taxpayers. First, it reflects typical credit card math by Sacramento politicians because it would borrow $15 billion from Wall Street and then make taxpayers pay it back plus 80% in total interest costs. That’s an additional $12 billion we’ll be forced to pay, bringing the entire bill to $27 billion.
While no one disputes the need for adequate school facilities, the problem is that the state’s education establishment has failed to show that it uses existing school facility bond money effectively. California voters already have approved big school bonds, including a recent 2016 $7 billion measure, only to see much of those funds squandered. (Remember the infamous Belmont High School scandal when LAUSD wasted hundreds of millions building the nation’s most expensive high school on top of a toxic waste site?)
But this measure also presents a huge threat to homeowners.
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