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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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 …
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