what is proposition 87?

Question

please give me your answer in paragraph.

Answer 1

It's a constitutional amendment that would impose a severance tax of 1.5 percent to 6 percent on California oil production, depending on the price per barrel, to fund $4 billion in alternative energy programs over 10 years

Answer 2

California Prop 87 is a heavy tax on California based energy producers. The taxes will be used to build a $4 billion fund to invest "alternative energy" that will be controlled by political appointees (bureacrats). It will be controlled outside the state budget system. Opponents predict that doing this will cause energy providers to leave California in order to avoid the tax, actually resulting in a net loss in state revenue (through lost property taxes) that will hurt publicly funded school and health care systems.

Answer 3

Its a tax on oil companies producing oil in California. It says they cant pass the increase on to the consumer, but if passed, a challenge would say they could. It creates another State Agency that will be a drain on the taxpayers and answer to no one.

the other side of the coin is, if passed, oil companies and close the valves in California, meaning less oil, less tax dollars to the state, and more imported oil. Its common sense, you cant OVER regulate any industry without costing someone a bunch of money, usually the tax payers.