Senate and Assembly Republicans Call for Lawmakers to Use One-Time Tax Windfall to Protect Classrooms, Pay Down Debt

Wednesday, February 1, 2012

Senate Republican Leader Bob Huff, of Diamond Bar, and Assembly Republican Leader Connie Conway, of Tulare, today issued the following statement after Facebook announced it would make a public offering of its stock. The sale of Facebook stock could generate a one-time tax revenue windfall for California.

“The great news that Facebook will go public likely means an additional one-time windfall to the state’s treasury this next fiscal year.  We should use this added revenue to protect our public school students from the Governor’s trigger cuts and pay down the state’s debt service. 

“Let’s not repeat the mistakes of the past by using one-time funding for on-going programs. Instead, let’s prioritize what matters most – protecting our classrooms and preventing our children from paying for this generation’s wall of debt.

“Time and time again, Republicans have said that growing our economy is the fastest and most effective way to generate additional tax revenue for the state’s coffers.  Encouraging innovative companies, like Facebook, to invest in California and create jobs must be our legislative focus.”