“extremely wealthy” california households currently pay 50% of the state’s total income tax. punitive “fuck rich ppl” tax increases may play well with voters, but even a fraction of our wealthiest tax payers leaving the state (inevitable) will be catastrophic.https://twitter.com/CommitToEquity/status/1291730311982780417 …
This is all because the state did a figurative own-goal with Prop 13. If we didn't de-facto turn property taxes into a much more limited tax on exclusively *new wealth*, we wouldn't need to have the highest state income taxes in the country.
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Ending prop 13 would mean we could probably drop both the income tax rate and the property tax rate and still fund the government at the levels desired with this new tax hike
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And a free fall in residential property values as the carrying costs for owning property would sky rocket for the average Californian...
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