Bay Area transit agencies face annual deficits nearing $800 million, prompting the need for new revenue. Legislative attempts such as Senate Bill 63 aim to raise $550 million via a sales tax, which would disproportionately affect low-income residents. Instead, a tax on the profits of major Silicon Valley corporations, which generated $340 billion in profits in 2024, presents a fairer solution. BART's current approach ignores a looming $376 million annual structural deficit. Streamlining operations and lowering workforce numbers could also mitigate financial issues. Publicly traded companies have not sufficiently contributed to transit funding.
With annual deficits for Bay Area transit agencies approaching $800 million, the scramble is on to find the revenue needed to keep BART and the region's other bus and rail systems operational.
Silicon Valley, synonymous with technological innovation worldwide, is home to Apple, Alphabet, Nvidia, Intel, Cisco, HP and Meta, which combined generated about $340 billion in profits in 2024.
Rather than burden workers and small businesses who can ill-afford it with yet another sales tax, we should help fund BART and the other transit agencies via a designated tax on the corporations.
BART is not blameless in this financial crisis. The recent $2.3 billion BART budget ignores the agency's financial realties by failing to address a $376 million annual structural deficit.
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