Everybody always got so mad about the mid-Market payroll tax exclusion, but this was actually way larger and under everyone's nose the whole time. https://lao.ca.gov/Publications/Report/3706 … /finpic.twitter.com/xrSUBKpXPw
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Everybody always got so mad about the mid-Market payroll tax exclusion, but this was actually way larger and under everyone's nose the whole time. https://lao.ca.gov/Publications/Report/3706 … /finpic.twitter.com/xrSUBKpXPw
My personal favorite part of the LA Times piece is that the original sponsor of the bill claimed this was an unintended consequence. An entirely predictable consequence, but prop 13 plus its amendments are full of entirely predictable consequences like this.
If assessment at market value was the standard, The Bubble would have cost SF about 20% or so of its property tax base. Prop 13 saved their bacon.
I think we have issues where the money goes. SB400 in 1999/2000 coming into law and the subsequent march 2000 tech burst followed by the 2008 burst have helped create a pension system that is not sustainable. We should also focus on where the holes are in the bucket.
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