School advocates launch bid to put oil tax on ballot
Education advocates today began the process to place on the ballot a tax on oil extraction to fund education. The initiative proposes that California put a 15 percent tax on each barrel of oil extracted from the state, raising $3.6 billion a year at current prices. Revenue from the tax would be divided among the state’s public education systems, with K-12 schools receiving 30 percent of the funds, community colleges getting 48 percent of the funds and the California State University and University of California each getting 11 percent.
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by Laurel Rosenhall, The Sacramento Bee.