With the 2012 passage of Proposition 30, voters were assured the significant tax increase would go entirely to education. However, less than 50 percent actually does.

Now, a new bill is moving through the Legislature, claiming to tax oil and gas production for – ahem, you guessed it — education.

SB 1017, an urgency measure, would impose a severance tax on the extraction of oil and natural gas, effective immediately after being signed into law.

Pay attention to the taxman behind the curtain who wants to add more taxes onto oil and gas production.

However, if the California legislature doesn’t pass an oil severance tax this year, billionaire hedge fund manager, Tom Steyer, is preparing a ballot initiative for 2016.

Because Gov. Jerry Brown vowed that all new tax increase proposals would go before the voters, there are reports which say he’s largely rejected the oil tax this year. But NextGenClimate Action, Steyer’s political action committee, can do it for Brown instead, with the… Read More