Lompoc Record in Lompoc, California

Brown seeks to repeal tax loopholes with Prop 5 and 6

California voters face Prop 5 and Prop 6 addressing a 65 year old bank and insurance tax break and lowering the big business tax vote to a simple majority. Prop 5 would equalize tax rules by removing a special deduction. Prop 6 would yield about 23 million dollars annually by ending the deduction for local property tax write offs. Proponents cite fairness and revenue while opponents warn higher consumer costs and loss of tax control.