Prop. 19's inheritance rules need to repealed
I am writing to express my deep concern regarding the detrimental effects of California Proposition 19 and the urgent need for a revision that safeguards the interests of low- and middle-income families. Proposition 19 passed by a slim margin and eliminated the constitutional provisions allowing parents to transfer their homes to their children without triggering a reassessment to current market value.
For many children of lowand middle-income families, this reassessment is financially crippling, rendering them unable to afford the increased tax burden. These families now face the heartbreaking prospect of having to sell the homes their parents devoted years of hard work to acquire.
What is particularly troubling is the massive financial influence of the California Association of Realtors (CAR).
With an exorbitant expenditure of $38 million ($5 per vote), CAR significantly outspent the opposition's $45,000 (1 cent per vote), compromising the democratic process. This financial dominance raises serious questions about the fairness and integrity of our democratic system.
Furthermore, CAR's campaign touted funding for fire safety through the California Fire Response Fund but zero dollars have been transferred to this fund.
The monetary motivation behind CAR's support for Proposition 19 was to increase property turnover and earn higher commissions.
To counteract this exploitation and to protect the interests of middle-class families, I urge readers to sign the petition at RepealTheDeathTax. com before the Dec. 31 deadline. This petition supports a constitutional amendment to revise Proposition 19, specifically removing the section that triggers reassessment to current market value upon inheritance by children.
It is time to prioritize the well-being of our communities over the financial interests of powerful groups. Let us come together and advocate for a fair and just revision to Proposition 19 that ensures a more equitable future for all Californians.