The title of your editorial should have been, “Quit allowing Prop. 13 to gut entrepreneurs.”
I was in 6th grade when Prop. 13 passed. My father told me it would save us $500 a year on our property taxes and voted for it.
What he didn’t argue for or even probably know was how the tax cut would also be extended to large multi-national corporations. But it did, and set the stage for a world where if the property owner is a corporation they would never face a tax increase that all new business owners would have to pay. This effectively strangles their competition and increases their monopoly power over the market. Prop. 13 has a negative effect on competition and makes it so the corporate structure in itself can take advantage of the law like no living person could.
Non corporate owners of property eventually will turn over ownership to a new generation, but corporations don’t get old, and they don’t die. They just turn over real ownership to new stockholders that then gets fat on the benefits of the corporate structure while killing off new businesses. Most of those shareholders do not live or work in the community and take advantage of the services that our tax dollars pay for without contributing to the share of those services they consume. So us simple home owners have to pay their way for them.
Please vote yes on Prop. 15 and restore competition in the free market.
RICH REINHOFER, San Marcos