CFC Opposes Proposition 10 - Vote No on this $10 billion dollar boondoggle

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A corporation owned by a Texas oil tycoon spent three million dollars to put Proposition 10 on the ballot. That corporation will reap a bonanza if Prop 10 passes. California taxpayers will be stuck repaying its ten billion dollar cost.

Taxpayers will shell out $2.5 billion in subsidies to trucking companies to purchase “clean” vehicles that, by definition, are only required to match the level of carbon emissions produced by the diesel and gasoline trucks that are on the road. Prop 10 does not require improvements in clean emission standards for trucking companies to qualify for taxpayer handouts up to $50,000 per truck.  

Prop 10 has no requirement that trucks purchased with California tax subsidies remain in California.Trucking companies could buy trucks here, collect hundreds of millions in California taxpayer handouts and relocate these trucks to faraway states.

Prop 10 is a misuse of $5 billion in bonds to fund tax giveaways of marginal environmental value. Bonds are designed for long term capital improvements such as building schools, hospitals, and transportation infrastructure, not to subsidize profitable corporations to purchase trucks that will be scrapped long before bonds are paid off.

Prop 10 is a $325 million per year raid on the state’s general Fund. California has a $15 billion budget deficit. Money spent on Prop 10 subsidies to wealthy individuals and trucking companies will mean more cuts to our schools, and to public health, public safety and social services.

California already has several effective programs to reduce greenhouse gases and promote clean alternative energy. Unlike Prop 10, most of these programs are paid by user fees, not by tapping the state’s General Fund.

Prop 10 – it’s about greed, not green.

Vote No on Prop 10.

For more information call 650-375-7840