Proposition 32: Special exemptions help billionaires but hurt working families
Proposition 32 supporters call their measure the "Stop Special Interest Money Now Act," but they apparently don't consider some of the biggest political donors in California to be special interests. That's because Proposition 32 was written to include special exemptions that would let wealthy tycoons, investment groups, limited liability corporations (LLCs) and trade groups continue to pour millions of dollars into campaigns and Super PACs. Therefore it's no surprise that the top donors in support of Proposition 32 are some of the state's largest political contributors.
Proposition 32 backers say this initiative is about campaign finance reform, but nonpartisan, good government groups say that Proposition 32 is intentionally deceptive. California Common Cause and the League of Women Voters said in a joint statement: "Proposition 32 claims to be 'political reform' but in reality was intentionally written to create special exemptions for billionaire businessmen and business special interests, giving them even more political power to write their own set of rules."
In fact, the top 10 contributors in support of Proposition 32 include some of the biggest individual donors to political campaigns in California.
Wealthy donors untouched
For example, two top Proposition 32 contributors Andrew Jerrold "Jerry" Perenchio (the former chairman and CEO of Univision) and Charles T. Munger Jr., (the billionaire son of Berkshire Hathaway's multi-billionaire Vice Chairman Charles Munger) were the state's second- and third-largest political donors in the past decade, according to a San Francisco Chronicle / California Watch investigation.
From 2001 to 2011, Perenchio contributed nearly $17 million to candidates and campaigns while Munger gave $14 million in the same time period. Proposition 32 would place no restrictions on future contributions by either Perenchio or Munger or any other wealthy individual.
Intentional corporate loophole
Proposition 32 also exempts thousands of big businesses that aren't technically "corporations" but rather are "limited liability corporations" (LLCs) or "real estate trusts" or other partnerships. Proposition 32 intentionally exempts Wall Street investment firms, hedge funds, developers, insurance companies and more than 1,000 major donors to California campaigns, according to the San Francisco Chronicle. Proposition 32 would also exempt business groups, such as the Washington-based Pharmaceutical Research and Manufacturers of America, which donated $72 million to California political campaigns between 2001 and 2011, and the California Chamber of Commerce, which gave $10 million in the same period, according to the Chronicle.
"Prop. 32 will make it easier for the wealthy to buy elections because it restricts the ability of working families to pool resources together to fight for the middle class," said Local 1000 President Yvonne R. Walker.
Prop. 32 exempts big money donors
Proposition 32 claims to limit the ability of unions and corporations to collect money for politics through payroll deduction ... but look
Who is exempt from the so-called 'Stop Special Interest Money Now Act'
Proposition 32: It's not what it seems
In fact, the top 10 contributors in support of Proposition 32 include some of the biggest individual donors to political campaigns in California.
Wealthy donors untouched
For example, two top Proposition 32 contributors Andrew Jerrold "Jerry" Perenchio (the former chairman and CEO of Univision) and Charles T. Munger Jr., (the billionaire son of Berkshire Hathaway's multi-billionaire Vice Chairman Charles Munger) were the state's second- and third-largest political donors in the past decade, according to a San Francisco Chronicle / California Watch investigation.
From 2001 to 2011, Perenchio contributed nearly $17 million to candidates and campaigns while Munger gave $14 million in the same time period. Proposition 32 would place no restrictions on future contributions by either Perenchio or Munger or any other wealthy individual.
Intentional corporate loophole
Proposition 32 also exempts thousands of big businesses that aren't technically "corporations" but rather are "limited liability corporations" (LLCs) or "real estate trusts" or other partnerships. Proposition 32 intentionally exempts Wall Street investment firms, hedge funds, developers, insurance companies and more than 1,000 major donors to California campaigns, according to the San Francisco Chronicle. Proposition 32 would also exempt business groups, such as the Washington-based Pharmaceutical Research and Manufacturers of America, which donated $72 million to California political campaigns between 2001 and 2011, and the California Chamber of Commerce, which gave $10 million in the same period, according to the Chronicle.
"Prop. 32 will make it easier for the wealthy to buy elections because it restricts the ability of working families to pool resources together to fight for the middle class," said Local 1000 President Yvonne R. Walker.
Prop. 32 exempts big money donors
Proposition 32 claims to limit the ability of unions and corporations to collect money for politics through payroll deduction ... but look
Who is exempt from the so-called 'Stop Special Interest Money Now Act'
- Billionaires and millionaires
- Investment groups
- Business and trade organizations
- Limited liability corporations (LLCs)
- Super PACs
Proposition 32: It's not what it seems