Prop 13 reduces income gap and reduces wealth gap. Without prop 13, many middle class folks will not be able to afford a home. Wealth will go to the 1% who will own 90% of the housing and almost everyone would become tenants.
High income tax has also reduced wealth gap. It taxes the high income professionals and provide food and housing for low income people.
Since housing is a human right, we should abolish property tax and replace with even higher state income tax. (Not my opinion)
Even better, abolish property tax, abolish sales tax, abolish gas tax, replace all the lost revenue with higher income tax. Let the tech workers pay 65% of the salary to the golden state treasurer (donāt shoot messenger).
Do you want lower income gap and lower wealth gap? Do you want a higher income tax?
Too much rights for individuals !!!
The only reason why government wants to achieve near 100% home ownership is because it creates vested interest of protecting the neighborhood hence the nation.
Property tax is really bad idea. If she lives in her own home, why should she pay to all of us? She could be a 95 year old who lives on social security. She wished to live in her home until the end of her life. Do you require her to pay $35k property tax when her total income is $20k from social security?
So property tax is not needed anymore when everyone is allowed to own homes and majority of the Americans are homeowners.
We should abolish property tax. Replace it with income tax. If you really want, you can charge a stock tax on portofilios over $100k. Only 5% of the population have a $100k portfolio. I like to spare you stock investors, but if you keep pushing on prop 13, Iāll leak the news that stock tax and no property tax. Guess what the voters will vote? Iāll keep your secret if you cooperate
Thatās fake news. Since prop 13, property tax revenue has increased faster than income tax revenue. You can look at local government budgets. They are increasing 5-8% a year, but they all say they have a revenue problem. SF has a $10B budget. Look at how it ranks among US cities and remind me again why thereās a tax revenue problem?
Youāre not staying in a GCB with a swimming pool? And move from one air-con place to another air-con place, exposing to the heat for a couple of seconds
