Sacramento, CA…The California Teachers Association reinforces its call for much-needed increased funding for schools and communities by eliminating corporate tax credits and adopting tax hikes on California’s wealthiest billionaires and millionaires. The COVID-19 pandemic crisis is deepening the impact of racial, health and economic injustices in every corner of the state. CTA calls on lawmakers to prioritize addressing the needs of California students and working families.
“California’s students and working families are suffering greatly as they face a combination of racial, health and economic crises amidst the raging COVID-19 pandemic. Students and public schools have been trapped in a cycle of underfunding for generations that has been exaggerated by the current pandemic. Together with labor partners and progressive community groups, we have been lifting up their cries for help and shining a light on their hurts and struggles in the hopes of a bold and sustainable solution,” said CTA President E. Toby Boyd.
Merely 11 days ago, CTA – along with labor partners SEIU State Council, the California Federation of Teachers, and the Commit to Equity coalition – called on the legislature ‘to return to the Capitol and adopt additional revenues, including additional suspension of corporate tax credits and exemptions, capturing unrealized capital gains or imposing a tax on the wealthiest billionaires and millionaires to help our students, families and communities survive through this crisis.’
“Sadly, the legislative Economic Stimulus Proposal released yesterday appears to create more debt and fails to address the urgency of the moment, further perpetuating the politics of paucity,” said Boyd. “Fortunately, a bill introduced today through amendments by Assemblymember Miguel Santiago (D-Los Angeles) provides real promise and solutions. We are heartened by his steadfast leadership.”
AB 1253 proposes to increase income taxes on those wealthy by imposing additional rates of one percent, three percent, and 3.5 percent on incomes of more than $1 million, $2 million, and $5 million, respectively. AB 1253’s joint authors are Assemblymembers Wendy Carrillo, David Chiu, Rob Bonta, Lorena Gonzalez, Cristina Garcia, Ash Kalra, Kevin McCarty, Miguel Santiago, Mark Stone, Buffy Wicks, and Reggie Jones-Sawyer; and Senators Nancy Skinner, Scott Wiener and Maria Elena Durazo; and co-author Senator Lena Gonzalez.
“Families and communities across the state are struggling and looking for real solutions that address health, economic, racial, and environmental inequality,” said Boyd. “The stimulus plan contains elements of solutions, but unfortunately lacks the clear bold step of asking the very individuals who are profiting and profiteering during this crisis to increase their tax contributions to help our state heal.”
In June, millionaires and billionaires across California and the world called on their government to tax them because they believe it is their responsibility to help rebalance the world before it’s too late saying ‘humanity is more important than their money.’ Read letter here.
“We sincerely hope that the legislature and the governor will come together and develop a plan to address this crisis head on,” said Boyd. “Lawmakers need to revisit proposals that rebalance the economy without borrowing against our future and create a plan that is commensurate with being the fifth largest economy in the world and worthy of our nine million students and our struggling communities.”
The 310,000-member California Teachers Association is affiliated with the 3 million-member National Education Association.