.@GavinNewsom won’t sign a wealth tax. It’s a statement bill. 70% of the state’s $ come from personal income tax and 50% of that comes from the top 1%. You’d nuke the tax base and it’s better administered federally anyway. https://twitter.com/jeremybwhite/status/1294375279280812032?s=21 …https://twitter.com/zebulgar/status/1295953150877212673 …
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Can’t guarantee that there wouldn’t be wealth tax in California’s unpredictable ballot initiative system later though. Californian voters love to tax other people! (But I can’t see it happening in the conventional legislative process as it stands today.)
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Still think the gaping loophole of Prop13-protected second homes and rental properties needs to be closed along with changes re: commercial properties. Tired of this wealth extraction.
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it's a start anyway.
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Right. The best thing California could do would be to pass
@Schools1stCA and eliminate Prop 13 for any property that isn’t a primary residence. Leave wealth taxes or exceptionally high progressive income taxes on the ultra rich to the Feds, where they’re actually feasible.Thanks. Twitter will use this to make your timeline better. UndoUndo
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It's a very stable and very genius system!https://twitter.com/nextdoorsv/status/1265719788875272192 …
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