Colleges of Law hosts Prop 40 debate

SANTA BARBARA, Calif. (KEYT) A Proposition 40 debate took place on Wednesday night in Santa Barbara.

Proposition 40 is a one-time 5 percent tax on people with assets over a billion dollars.

The Colleges of Law President Dr. Mathew Nehmer moderated the event on the Santa Barbara campus.

Cal State University Channel Islands Economics Professor Bryan Tomlin,Ph.D supports Prop 40.

"I think our children will be poorer than us on average and I don't want that which is why I am voting yes on 40 and no on 41 and 42 because I think it is very important that we start thinking about taxing wealth more and work less," said Tomlin. 

Retired taxation law specialist Richard G. Heller opposes it.

"Many billionaires have their intangible assets outside the United States or in states other than California for the practical issues of enforcement are immense," said Heller.

Since Prop. 40 funds would be earmarked for health care, food assistance and education it needs a two thirds majority to pass. 

SBTV has a stream of the event on YouTube.