4. Also, because prop 13 freezes tax rates until a property transfers OR adds new construction, it's created weird incentives against a) expanding existing residential buildings, and b) people with more house than they need cashing out to downsize.
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5. But the MOST IMPORTANT thing is that the majority of the tax savings haven't gone to homeowners. That's because corporations, unlike people, don't die. They don't move and change homes. So they don't get re-assessed. Many will keep paying 70s-era taxes basically forever. /endpic.twitter.com/gNvJBWYGDJ
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(And the source for that graph is here: https://www.californiataxreform.org/s/system_failure.pdf … )
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AND SINCE YER HERE: Prop 13's passage wasn't just about spiking property values and fixed-income seniors - it was also a racial backlash against court decisions forcing wealthy white suburbs to share their tax dollars with poorer inner-city schools 1/3 https://en.wikipedia.org/wiki/Serrano_v._Priest …
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Many of the grassroots groups that campaigned to pass prop 13 had been formed a decade earlier, to pass a proposition (later overturned by the courts) to re-legalize racial discrimination in housing https://en.wikipedia.org/wiki/California_Proposition_14_(1964) …
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For more on that period of backlash in California politics, and California's subsequent U-turn to bluest of blue states, strong recommend this new book from USC prof Manuel Pastor (just taped an interview with him that we'll air shortly):https://www.amazon.com/State-Resistance-California-Remarkable-Resurgence/dp/1620973294 …
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Replying to @bedwardstiek
you forgot the parent-child transfer! Which is like $100M foregone in tax revenue per year to the city of SF, or like 2X of what the whole of the Twitter tax break was from 2012-2018. http://www.lao.ca.gov/reports/2017/3706/property-tax-inheritance-exclusion-100917.pdf?pdf=3706 …
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Replying to @kimmaicutler
Technically that's prop 58 (children) and prop 193 (grandchildren), both passed after prop 13 b/c why stop punching yourself in the face when you are so so close to creating a new system of dynastic privilege transfer.
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Replying to @bedwardstiek @kimmaicutler
As someone who stands to benefit from prop 58, but is a hella poor millennial grad student priced out of the Bay Area, what should I be encouraging my monied Californian friends to do to mitigate/undo damage from props 13/58/193? I’m pro-housing, schools, transit, future.
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The future of the Bay Area and the state matter more than my future.
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I'm not really sure. I'm glad @LAO_CA raised awareness of it. I generally take a "yes and" approach, which is acknowledging there's a lot of wealth inequality in industry. But also, that industry props up and covers up another separate wholly inequitable system
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Replying to @kimmaicutler @sondy and
which a lot of long-time residents are entirely complicit in and don't want to acknowledge participation in.
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