This entire interview and zero mentions of Prop. 13 and its historical relationship to subsequent changes in the federal and California state tax code. Okay.https://twitter.com/Recode/status/1108312272340992001 …
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At a city level, there’s a symbiotic relationship as well. When Ed Lee took over as mayor, SF was supposed to be running $800M+ deficits every year. Inviting tech allowed the city to run in place against pension obligations, but at a cost of displacement.https://m.sfgate.com/bayarea/article/1st-S-F-5-year-budget-plan-draws-daunting-picture-2373448.php …
It’s the same choice San Jose is making in selling downtown land to Google in order to generate more business/employment tax revenue to offset pension liabilities while compensating for the lack of tax revenue from residential lands. https://sanjose.legistar.com/View.ashx?M=F&ID=6814235&GUID=9249DE06-385F-4FF6-804F-CDBA1D5D4B1B …
So you can change the tax structure in that way (and further progressive taxation is good!) but it will further increase the financial dependency of the cities and state on the ultra-wealthy in the long-run and also make the tax base even more volatile & unpredictable.
.@BettyYeeforCA oversaw a study looking at a lot of different options to make the state budget less wildly unpredictable, but the different pathways seem challenging from a political viability perspective. https://www.sco.ca.gov/Files-EO/Comprehensive_Tax_Reform_in_California_A_Contextual_Framework_06_16.pdf …
Remember that California relies on income tax (progressive but volatile) and sales tax (regressive) because it can’t deal with the property tax issue, which has undermined K-12, free college and public services for 40 years. Anyway, this:https://twitter.com/tribtowerviews/status/1108366937325629440?s=21 …
Just yesterday I saw a local NIMBY say on FB that we'll never build enough market-rate housing to meet the crisis and so we need public housing. No mention of where on earth we are going to get the revenue to do that.
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