Asian Business Alliance CEO urges people to vote ‘No on Prop 15’ to avoid tax increases
SAN DIEGO (KUSI) – The 2020 election is quickly approaching, and Proposition 15 is becoming one of the most watched propositions on the ballot.
Proposition 15 would amend the California State Constitution to require commercial and industrial properties, except those zoned as commercial agriculture, to be taxed based on their market value.
Currently, commercial and industrial properties are taxed at their purchase value. This change would lead to an enormous tax hike on businesses of all sizes.
San Diego Mayor Kevin Faulconer is “strongly opposed” to Prop 15 and explained that it “represents the largest tax increase in California history and it’s going to be passed onto small businesses that are on triple net leases.”
Many businesses and business organizations across the state are voicing their concerns on Prop 15, fearing it will force the many small businesses already struggling to stay open, to permanently close.
Proponents say Prop 15 would lead to more revenue for the government, and more money for public schools.
CEO of the Asian Business Alliance, Jason Paguio, joined KUSI’s Paul Rudy on Good Morning San Diego to describe his organization’s opposition to the proposed tax hike, and explain why Prop 15 is, “the wrong tax at the wrong time.”
Paguio also cited many studies that found minority owned and female owned businesses will be among the worst hurt by Prop 15.